State Street CEO: No subprime in money mkt products

NEW YORK, Jan 3 (Reuters) - State Street Corp (STT.N) Chief Executive Ronald Logue on Thursday said the money manager does not have any subprime mortgage-related investments in its money market products.

He also said the reserve that the Boston-based company established on Thursday for investor lawsuits over losses from subprime exposure in other fixed-income investments should be "adequate" to cover liabilities. He said State Street faces five lawsuits tied to the losses, including three seeking class-action status.

"I'm determined to avoid it happening again," Logue said on a conference call, discussing the fixed-income losses.

State Street on Thursday said it will take a $279 million fourth-quarter charge after making bad bets on subprime mortgages and other debt. It also replaced William Hunt, who ran its State Street Global Advisors unit since Jan. 2005. (Reporting by Jonathan Stempel; Editing by Gerald E. McCormick)