Friday, October 10, 2008
STT ties more with Treasury
-- BlackRock Inc. and Pacific InvestmentManagement Co. submitted proposals to manage troubled mortgage-backed securities in the biggest portion of the U.S. Treasury's$700 billion financial-rescue program, people familiar with the matter said. State Street Corp., Bank of New York Mellon Corp. andNorthern Trust Corp. bid to handle record-keeping and custodyservices for the Treasury, said the people, who asked not to be identified because the process is private. Northern Trust made ajoint bid with NYSE Euronext, the owner of the New York Stock Exchange, the people said. The deadline for proposals was yesterday at 5 p.m. New York time. The Treasury last month hired State Street and London-basedBarclays Plc to manage a separate program to purchase mortgage-backed securities. State Street won a two-year contract that could be extended for up to three more years.