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State Street IM makes largest u.s.-listed ETF launch. State Street Investment Management announced the launch of the State Street(R) SPDR(R) UC Investments 90/10 Endowment Strategy Index ETF ("UCBG"), a new asset allocation ETF developed in collaboration with UC Investments ("UC"), the investment arm of the University of California and the index provider for the fund. The launch is backed by a $2.5 billion investment from UC, making it the largest ever U.S.-listed ETF launch.[1] The fund seeks to track the UC Investments 90/10 Endowment Strategy Index, which combines broad U.S. equity exposure with short-duration investment-grade corporate bond exposure. The index allocates 90% of its weight to the S&P 500(R) Index, representing large-cap U.S. equities, and 10% to the S&P U.S. Investment Grade Corporate Bond 1-3 Year Index, which includes U.S. dollar-denominated investment-grade corporate bonds with maturities between one and three years. UC and S&P Dow Jones Indices developed the custom index, which was inspired by UC's $7.9 billion Blue and Gold Endowment Pool, a long-term public markets strategy that since its inception seven years ago, has been the best performing product within UC's $236 billion investment portfolio.[2] The strategy reflects UC's conviction that low-cost, liquid, diversified public markets exposure can deliver compelling long-term returns while avoiding the complexity and illiquidity of traditional endowment models. By bringing this philosophy into an ETF wrapper, UCBG offers long-term investors access to UC's approach, which was previously available only within the institution's portfolio and directly to employees of its 10 campuses and six medical centers through its retirement savings program, the nation's second-largest public defined contribution program, behind only the federal government. "At UC Investments, we focus on building long term, cost-effective portfolios to support our hundreds of thousands of UC students, faculty, staff, and alumni for generations to come," said Jagdeep Singh Bachher, the University of California's Chief Investment Officer. "This record-breaking ETF launch makes our institutional investment philosophy available to a broader community of investors through the transparency, efficiency and accessibility of the ETF structure, while staying true to the principles that have guided our investment approach." The ETF builds on State Street's longstanding relationship with UC Investments. Today, State Street Investment Management provides asset management services to UC Investments' $236 billion[3] portfolio across pension, endowment, and other assets, while State Street Bank and Trust Company provides custody and other investment services. "Our relationship with UC Investments spans more than two decades and has always been driven by innovation. With this launch, we are bringing an endowment-inspired strategy to a far broader range of investors, delivered with the low cost and transparency that make ETFs so powerful," said Ronald O'Hanley, Chairman and Chief Executive Officer of State Street Corporation. "This partnership demonstrates what's possible when a leading asset owner and asset manager work together to turn a successful institutional investment strategy into an accessible solution for investors," said Yie-Hsin Hung, President and Chief Executive Officer of State Street Investment Management. "It reflects our commitment to helping clients extend their investment priorities to new markets and investor communities." And receive exclusive articles on securities markets The 2026 Global Markets Choice Awards are here! Nominations are officially OPEN for the celebration of excellence in global capital markets trading & technology. Nominate below: https://www.jotform.com/form/260086385121150 Delaware Life Insurance Company is becoming the first insurance carrier to offer an index that contains cryptocurrency, adding the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index to its fixed index annuity (FIA) portfolio. As the digital assets industry pushes toward Franklin Templeton is expanding its tokenized fund suite, signaling growing institutional demand for blockchain-based fund infrastructure and regulated investment products moving onchain. Read the full article below: $50 billion in active ETF inflows helped fuel a record year for @BlackRock 's iShares business, as investors continue to lean into active strategies.

Northern Trust Asset Management names global institutional client group head. Amy Johnston will lead the firm's engagement with asset owners. Northern Trust Asset Management announced Tuesday the appointment of Amy Johnston as head of its institutional client group. Johnston will succeed Lyenda Simpson Delp in the role, who left Northern Trust in December 2025 to lead distribution for insurance and other institutional clients at Franklin Templeton. Johnston's appointment is effective immediately, a spokesperson for Northern Trust said, and she will be based in Chicago and report to NTAM President Michael Huntsad. Northern Trust manages $1.6 trillion in assets, including $1.4 trillion for institutional investors and family offices. In the role, Johnston will lead the firm's institutional distribution and sales teams. Johnston joins NTAM from State Street, where she held various senior roles across with the organization from Boston and Sydney over 14 years, most recently as managing director and head of distribution strategy for the firm's Americas institutional client group. "Amy brings deep institutional market expertise, a client-centered approach to growth and a strong record of building high-performing teams," Hunstad said in a statement. "Her broad global perspective, distribution leadership experience and ability to connect client needs with innovative investment solutions make her exceptionally well-positioned to help our clients achieve their goals and to advance our continued growth." Johnston holds a bachelor's of business degree in marketing and international business from the Queensland University of Technology and a graduate diploma of applied finance and investment from the Financial Services Institute of Australasia. Court recommends dismissing suit challenging AT&T pension risk transfer. A Massachusetts federal magistrate says that the suit lacks evidence against AT&T as being responsible for selecting the annuity pension provider. A Massachusetts federal magistrate submitted a report and recommendation granting a motion to dismiss a pension risk transfer suit against AT&T Inc. on Monday. Magistrate Judge Paul G. Levenson said the court should grant motions to dismiss the counts against AT&T in Piercy et al. v. AT&T Inc. et al, on the grounds that the plaintiffs' claims lack evidence that AT&T brokered an $8.05 billion pension annuity deal in May 2023 with Athene Annuity and Life Co. Plaintiffs alleged that the deal put AT&T's 96,000 retirees at financial risk, but the magistrate judge rejected those claims, saying that AT&T had selected the firm that at the time was known as State Steet Global Advisors Trust Co. as its fiduciary adviser for the deal. "Even if the complaint makes out a plausible claim that someone breached a duty of care - the AT&T defendants cannot be held liable because they delegated to SSGA the fiduciary responsibility to select an annuity provider," Levenson said in the recommendation. "The complaint lacks sufficient factual allegations to support a plausible claim against the AT&T defendants." Levenson also recommended permitting a single count of the complaint, alleging "that SSGA did not truly operate independently" when selecting the annuity provider, to proceed. The consolidated case stemmed from two class action complaints filed against AT&T and State Street in U.S. District Court for the District of Massachusetts in March 2024, first by four former pension fund participants represented by law firm Libby Hoopes Brooks & Mulvey, PC and then by more former participants represented by Schlichter Bogard LLP. In August 2025, Levenson issued report and recommendation for the dismissal of the case, saying the complaints failed to state a claim of breach of fiduciary duty, and saying the case lacked evidence that AT&T or State Street had any conflict of interests with Athene. Last October, a Massachusetts separate federal judge accepted Levenson's opinion and dismissed the case but ruled that the plaintiffs had standing to sue. The plaintiffs filed a motion to amend their complaint, which State Street and AT&T moved to dismiss again in November. O'Melveny & Myers LLP and Nutter McClennen & Fish LLP represent AT&T. Goodwin Procter LLP represents State Street. AT&T did not immediately respond for comment and State Street declined to comment. Twice so far this year the Department of Labor has filed amicus briefs supporting pension sponsors, at the federal appeals court level, in pension risk transfer cases. Those briefs illustrate the department's litigation strategy under the administration of President Donald Trump. The agency is taking an active role in defending pension risk transfers as lawful and subject to the Employee Retirement Income Security Act, pushing back against what it has characterized as "regulation by litigation."