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State Street, University College Cork and Zhejiang University in China collaborate to launch a technology centre at UCC Back
December 10, 2015: State Street Corporation (NYSE:STT), University College Cork (UCC) in Ireland and Zhejiang University (ZJU) in China announced today a collaboration to launch a technology centre at UCC
The collaboration expands State Street’s relationship with both universities and will initially focus on emerging technologies and how they are impacting the financial services industry.

“This is an exciting new initiative that will enable us to more deeply understand emerging technologies and the impact on our businesses and our clients,” said Susan Dargan, head of State Street’s Global Services Offshore business. “Ireland is becoming synonymous with disruptive technologies, with numerous centres of excellence here. This partnership is a testament to our history of innovation and bringing together academia and business.”

Welcoming this announcement, Simon Harris, Irish Minister of State with responsibility for International Financial Services, commented, “I congratulate State Street on their initiative in fostering links between prestigious Irish and Chinese academic centres. This new technology centre is a major milestone in State Street’s long-standing relationship with UCC. I look forward to financial services’ R&D there advancing to new heights in collaboration with Zhejiang University.”

The technology centre will initially engage 20 students from both UCC and ZJU focused on key areas including virtual crypto currency and investor behaviour. The partnership will include a research exchange program for students between the two universities. In addition, UCC will also look into establishing an associated master and doctoral programs.

Professor Ciaran Murphy, Dean of Cork University Business School, UCC said, “We are delighted and proud that State Street has selected Ireland and University College Cork as the location for their European technology centre. We are aware that other cities and universities in Europe were considered. In joining with our colleagues in Zhejiang University we are collaborating with one of the top three universities in China. We are confident that the centre will create a unique global research experience for our students and will help Ireland to be at the forefront of Fintech research.”

"Zhejiang University has been partnering with State Street for 14 years on research and development of advanced information technologies for State Street's global needs. We appreciate this new initiative very much and look forward to working together with State Street and UCC for more success," said Yang Xiaohu, executive vice dean of Zhejiang University Software College and head of State Street Zhejiang University Technology Center.


Note:

� State Street has a long history with both University College Cork (UCC) and Zhejiang University (ZJU). It established a technology centre in collaboration with Zhejiang University in 2001 and has partnered with University College Cork since the 1990’s on graduate development programs.

� State Street is providing the initial funding to set up the technology centre and will establish an annual scholarship to be awarded to outstanding students of each university.

� UCC will establish a technology centre on campus and will provide office space in the Department of Accounting, Finance and Information Systems.

� A Special Board Committee will be established by State Street, UCC and ZJU to manage and oversee the operation of the technology centres, the progress of the research projects and the student exchange program. Committee members will be nominated by each of the three partner organizations.

� A Thesis Review Committee will be established in each technology centre to review any draft research papers produced and meet periodically to discuss research topics, status and scope of each project deliverable and report on progress.

� Masters and doctoral candidates are currently in the recruitment process, with the first students expected to start in January 2016 with a 6-12 month cycle time for each paper. The internship is open to both masters and doctoral students as well as a few outstanding undergraduates.


Companies' Profiles:

State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $27.3 trillion in assets under custody and administration and $2.2 trillion* in assets under management as of September 30, 2015, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.

* Assets under management include approximately $25 billion as of September 30, 2015, for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent.

About University College Cork
University College Cork (UCC) was established in 1845 and is a globally-oriented research-led university in the south of Ireland. With approx. 20,000 students pursuing undergraduate and postgraduate studies, the institution provides the full range of academic disciplines and plays a crucial role in the development of Ireland's knowledge-based society. As Ireland's first five-star university (QS), UCC boasts a vibrant, modern, environmentally-sustainable campus and a top-ranked student experience, second to none in Ireland. The institution is now ranked in the top 2% of universities worldwide, based on the quality of our research output and peer esteem.

Established in December 2014, Cork University Business School (CUBS) is the new and dynamic Business School of University College Cork building on over 100 years of business education at UCC. CUBS maintains the largest number of fulltime undergraduate students and second largest number of fulltime graduate students in Ireland.

CUBS offers full and part time programmes leading to doctoral degrees, MBAs and Masters in each of its core disciplines of Accounting, Finance, Information Systems, Economics, Food Business and Management and Marketing.

Zhejiang University
Located in the historical and picturesque city of Hangzhou, Zhejiang University is a prestigious institution of higher education with a long history. The university motto is "Seeking the Truth and Pioneering New Trails". Zhejiang University is a comprehensive research university with distinctive features and a national as well as international impact. Research at Zhejiang University spans 12 academic disciplines, covering philosophy, economics, law, education, literature, history, art, science, engineering, agriculture, medicine, management and etc. Zhejiang University has turned out a large number of outstanding talents in its history. There are more than 160 alumni elected members of Chinese Academy of Sciences and Chinese Academy of Engineering. Zhejiang University has long been holding the educational philosophy of putting people foremost, cultivating all-round competence in students, seeking the truth and pioneering new trails in search of excellence, and is committed to developing future leaders with an international perspective.
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