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  "documentTitle": "State Street Corporation (STT)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2011-10-16 00:00:00",
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  "notes": "The slide uses a structured argument format to justify a corporate breakup/spin-off.",
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      "text": "As a standalone entity, SSgA could be better positioned to close the margin gap versus peers, receive a multiple re-rating over time, and may have significant strategic value to other industry participants.",
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      "text": "SSgA, we believe, would be a “must own” standalone asset management company for investors: Only substantially pure play passive player, 2nd largest publicly traded asset manager by AUM, Margin expansion opportunity, Leading organic flow growth, Leading international exposure, Potential acquisition candidate.",
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      "text": "Existing State Street management would be free to focus on Investment Servicing, a business where we see significant opportunities for improvement.",
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      "text": "SSgA, in our view, is meaningfully undervalued as part of State Street. State Street trades at 8.0x consolidated EPS vs. Large Cap Asset Managers at ~12.8x.",
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      "text": "A more focused management team could work to optimize performance: Significant margin expansion opportunity, More focused management team can work to eliminate non-recurring charges, Flexibility to allocate resources towards highest ROI opportunities.",
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      "text": "P/E ratio: 8.0x",
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      "text": "SSgA is a Tier 1 asset management business focused on the passive marketplace. Nevertheless, the business has below average margins and suffers from non-recurring charges. As a standalone entity, SSgA could be better positioned to close the margin gap versus peers, receive a multiple re-rating over time, and may have significant strategic value to other industry participants.",
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      "text": "(1) Represents 2011 consensus estimates. Note State Street’s P/E ratio is adjusted for $4.50 of excess capital above a Basel III ratio of 9.5%.",
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      "text": "4. Consider Separating SSgA: A Highly Strategic & Valuable Asset",
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