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State Street selects Smith Graham to help manage US Treasury’s MBS portfolio

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State Street Global Advisors has engaged investment manager Smith Graham to help provide asset management services for the US Department of the Treasury’s mortgage-backed securities purchase programme.

As a financial agent of the Treasury, SSgA manages a portfolio of approximately USD180bn in government-sponsored enterprise MBS issued by Fannie Mae and Freddie Mac.

Smith Graham, which is one of the nation’s largest African-American owned fixed income investment managers, will assist with portfolio analysis and reporting. Smith Graham will develop cash flow projections, conduct stress-testing scenarios, and assess risks to the portfolio.

Under the Housing and Economic Recovery Act of 2008, the Treasury was granted authority to purchase government-sponsored enterprise securities to provide stability to the financial and housing markets, and the Treasury’s MBS portfolio was acquired in late 2008 and throughout 2009. The authority to purchase new securities for the portfolio expired in December 2009.

"The opportunity to work with State Street Global Advisors to help manage the mortgage-backed securities portfolio for the Treasury Department is a great privilege," says Gerald Smith, chairman and chief executive officer at Smith Graham.

"We are delighted to be collaborating with Smith, Graham & Company to help the Treasury manage its investments and protect the taxpayer," adds Brian Kinney, managing director at SSgA.

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