Posted inBusiness moves
State Street sets up office in Shanghai
State Street Corporation has set up an office in Shanghai to provide alternative investment servicing solutions to its hedge fund clients.
by Fund Selector Asia 4 February 2014 16 November 2022
The new office will also help the firm to support client and business development initiatives in China for its private equity and real estate businesses.
Carol Hall, senior managing director of State Street's alternative investment solutions team said: "We believe our approach to providing integrated investment servicing solutions is well-suited to China's growing market, where domestic institutional investors have become more sophisticated and are gaining more exposure abroad. These investors are looking for foreign partners with global capabilities combined with local knowledge and expertise."
State Street's team in Shanghai will report to Eric Chow, head of relationship management for State Street's alternative investment solutions business in Asia Pacific.
"We expect the growth of China's foreign reserves and the increasing appeal of global asset allocation will support our growth plans. Over the long-term, we would like to continue expanding our business in the region in accordance with our clients' needs and Chinese regulations," Chow said.
The company aims to expand its presence in the Asia Pacific region with this new office. State Street opened its technology center in Hangzhou China in 2008, its Beijing branch in 2011, and State Street Global Advisors announced a joint venture with Zhongrong International Trust Company last year.
State Street's AIS team provides services to more than 750 clients, including institutional investors, hedge fund managers, private equity fund managers and real estate fund managers.
State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia. It has $27.4trn in assets under custody and administration and $2.3trn in assets under management as of December-end.
At the end of last week, the UK's Financial Conduct Authority announced it had fined State Street almost £23m for deliberately overcharging clients. Click here to read more
Tagged: State Street Corporation
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