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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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      "text": "Pure-play asset management companies trade at meaningfully higher multiples than State Street",
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      "text": "Asset Managers Price / 2011 EPS",
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      "text": "Pure-play asset management companies trade at meaningfully higher multiples than State Street\nWe believe SSgA could command one of the highest valuations in the asset management industry given its leadership position in passive asset management",
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      "text": "Source: Bloomberg estimates as of 10/14/11. (1) Adjusts share prices for $8 NPV of tax assets at a 7% discount rate. (2) Adjusts share price for $4.50 of excess capital above Basel III 9.5% Tier 1 Common Ratio.",
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      "text": "Asset Management Comps Trade At Premium Multiples vs. State Street",
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