State Street Expands Hedge Fund Administration Services
October 14 2009 - 12:39PM
Business Wire
State Street Corporation (NYSE:STT), one of the world’s leading
providers of financial services to institutional investors,
announced today the addition of custody, cash management and
foreign exchange services to its suite of front-, middle- and
back-office administration services for hedge funds. The expanded
service offerings are in response to growing interest from hedge
fund managers seeking to diversify risk by moving more services to
global custodians during a challenging market environment.
“Counterparty risk is a heightened concern among hedge fund
managers who are assessing safekeeping options for their cash and
other assets,” said Jack Klinck, executive vice president and
global head of State Street’s Alternative Investment Solutions
group. “By combining traditional custody services with our full
complement of middle office, fund accounting, fund administration
and risk services, we can offer our customers seamless service
delivery through an integrated solution set.”
State Street’s expanded services for hedge funds also include
deposit and custody services for cash, as well as securities
processing and safekeeping in more than 100 markets worldwide. In
addition, State Street’s hedge fund customers have streamlined
access to a range of products such as foreign exchange services,
which are available through State Street Global Markets, the
company’s investment research and trading arm.
With more than $400 billion in alternative assets under
administration, State Street’s Alternative Investment Solutions
group has more than 2,200 employees located in Boston, Ireland
(Drogheda, Dublin, Naas), London, New York City, Tokyo, Toronto,
Sydney, Poland and New Jersey (Fair Lawn and Princeton).
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $16.4 trillion in assets
under custody and administration and $1.5 trillion in assets under
management at June 30, 2009, State Street operates in 27 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street’s web site at
www.statestreet.com.
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