BOSTON and EDINBURGH, June 1,
2011 /PRNewswire/ -- Global financial services leader State
Street is to establish a European Centre of Excellence in
Edinburgh, creating 90 new jobs,
Scotland's Cabinet Secretary for
Finance John Swinney announced
today.
State Street, which provides financial services to institutional
investors, is expanding its Scottish operations by creating a
European Centre of Excellence for cash servicing. The announcement
will increase the company's Scottish workforce from 750 to 840
employees and the new posts will be professional and administrative
roles.
State Street operates in 26 countries and more than 100 markets
and has had a presence in Scotland
since 1998. The firm offers investment management, research and
trading and investment servicing and has 14.1 trillion pounds Sterling (approximately
$23.1 trillion dollars) in assets
under custody and administration and 1.3 trillion pounds
(approximately $2.1 trillion dollars)
in assets under management.
Scottish Enterprise and Scottish Development International have
worked with the company to support its growth plans in Edinburgh.
Scotland's financial services
industry makes a substantial contribution to the economy, employing
approximately 95,000 people and accounting for around eight per
cent of the country's GDP.
"Scotland has established a
global reputation for financial services excellence and I am
delighted that State Street is expanding its Scottish operations,"
said Cabinet Secretary for Finance, Employment and Sustainable
Growth John Swinney. "The company's decision to increase its
Scottish presence through the creation of a European Centre of
Excellence is testament to the quality and skills of the local
workforce. We are working with the industry to strengthen
Scotland's position as global
centre for financial services and this new investment marks further
growth in this important section of our economy."
"State Street has for many years recognised Edinburgh as a key financial centre and for
the high calibre talent pool that exists within the financial
services industry across Scotland.
State Street has recently won a number of large mandates with large
UK clients and Edinburgh will play
a key role in servicing these," said State Street chief operating
officer Barry Muir. "We are pleased
to make this firm commitment to create a European centre of
excellence here and we look forward to building on the strong
business growth we continue to experience."
"Today's announcement with State Street is the latest in a
number of investments being made in Scotland by leading global financial services
institutions, demonstrating the synergies between financial
services sectors in North America
and Scotland," said Danny Cusick, President of the Americas for
Scottish Development International. "Currently over 50 percent of
the world's top 20 financial organizations have substantial
operations in Scotland which is
due to the country's world-class workforce, experienced financial
sector and competitive costs, making Scotland an ideal European location for
American financial companies seeking to expand and grow
globally."
Background
About Scottish Development International
Scottish Development International (SDI) is a government agency
which helps overseas businesses tap into Scotland's key strengths in knowledge, high
level skills, technology and innovation. SDI also works to help
Scottish companies do more business overseas and to promote
Scotland as a good place to live
and work. SDI has six offices in North
America including Boston,
New York, Chicago, Houston, San
Jose and Toronto. Its
work is guided by the Scottish Government's strategy for economic
development in Scotland
For more information regarding Scottish Development
International contact Kathleen
Tepfer (617) 692 7362 or visit our website at
www.sdi.co.uk
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 13.7
trillion pounds Sterling in assets under custody and
administration and 1.2 trillion* pounds in assets under management
at March 31, 2011, State Street
operates in 26 countries and more than 100 geographic markets
worldwide. For more information, visit State Street's website at
www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx.
$56 billion as of March 31, 2011), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors serves
as the marketing agent.
SOURCE Scottish Development International