Donna Milrod: Hello, I'm Donna Milrod, our Chief Product Officer here at State Street Corporation. And I'm pleased and delighted to be here with Carol Geremia. She's the President of MFS Investment Management and the Head of Global Distribution. And we're here to celebrate a very special anniversary. It's the 100 year anniversary of the first U.S. open ended mutual fund. MFS, of course, was the first firm to launch that fund. And State Street was right there with you as your custodian on that fund. So welcome, Carol.
Carol Geremia: I'm so delighted to be here and we're excited about celebrating 100 years. It's not 20, it's not 50, it's not 75. It's 100. That's a lot of time. And so much has changed. And I guess, you know, the seismic change that I think about, especially when we reflect on MFS’ and State Street's history, is not only the globalization of the economies and how that’s changed our businesses so much and even our locations, but also just the sheer size of the industry, you know, $30 trillion industry in the United States, a $65 trillion industry globally. It's amazing and remarkable.
Donna Milrod: So maybe we can talk a little bit about our partnership first and then maybe we'll talk about some of these broader themes. So you know, 100 years together. What does that mean for MFS and our partnership to this day?
Carol Geremia: First and foremost, I think, for MFS, one of the things to think about having survived 100 years and thrived, I guess. Just this idea of adapting and dealing with change and recognizing, how do you deal with disruption? But I also would say probably the most rewarding part of this is what we say a lot and that's wealth creation for all. It's this idea of the democratization of investing. It's giving the small investor access to the markets and creating this opportunity that I don't think 100 years ago, the founders could have ever dreamed that it would be this worldwide and this important not only to people's financial dreams and futures, but also how capital is allocated in the entire economies and systems around the world. I mean, we today now have a lot of influence as people in our industry overseeing other people's money, but putting that money to work responsibly.
Donna Milrod: And it's so interesting when we talk about partnership, because where our views and our values are so much aligned. And they have been since 1924 when we first launched this together. So we think about it as supporting the world's investors in exactly the same way, and how to create that wealth creation through new innovation and products. So, I think that's a testament to kind of that alignment of vision and mission.
Carol Geremia: Absolutely. I mean, when I think about the partnership with State Street, I've been at MFS for 40 years, so I've watched it really grow and change. And it's the alignment part that you talk about is the thing I think we're most proud of.
Donna Milrod: So what are the lessons that we may have learned in the past 100 years, for the next 100 years, or even for the next ten years for MFS?
Carol Geremia: Yeah. Well, if there's one thing that's great about celebrating an anniversary is a reflection on history, because it always teaches you something. And so I think the lessons we have learned are the ones that as industry, we talk a lot about. But every time we go through different cycles, we move away from their importance or how much they matter, and the first one, I would say, is liquidity, like the power of liquidity in the public markets. We cannot underestimate today, even though there's a huge uptick of going to private markets, it's great for diversification and return. But the importance of liquidity matters, transparency, governance, the things that again, when we get ourselves in trouble, we always revert back. Risk management, time horizons. I think our world has forgotten and dumbed down the importance of some of these things, and that speed is better. And ironically, you know, actually extending time horizons is what we should all be thinking about because it's a much better way to manage risk, especially with other people's money.
Donna Milrod: So I think that's another way that we will partner as we think forward in the next five, ten, 100 years. So we intend to be there, right there with you. And as always, thank you so much for your partnership and of course, spending time with us today. And congratulations on your 100 year anniversary.
Carol Geremia: Well, thank you. And the same goes back to, State Street and to all of your team, because it has been a true allyship. That has has been fit for purpose for a long time.
Donna Milrod: And stood the test of time.
Carol Geremia: That's right.
Donna Milrod: Thank you.
