State Street Launches New Division Dedicated to Digital Finance
June 10 2021 - 8:30AM
Business Wire
Appoints Nadine Chakar to Lead State Street Digital to Address
Industry Shift to a Digital Economy and Decentralized Finance
State Street Corporation (NYSE: STT) today announced that it has
launched a new division focused on addressing the industry’s
evolving shift to digital finance. The new division, State Street
Digital, will be led by Nadine Chakar, three-decade industry
veteran and executive vice president. Chakar will report to Lou
Maiuri, chief operating officer of State Street Corporation.
“The financial industry is transforming to a digital economy,
and we see digital assets as one of the most significant forces
impacting our industry over the next five years,” said Ron
O’Hanley, chairman and chief executive officer of State Street
Corporation. “Digital assets are quickly becoming integrated into
the existing framework of financial services, and it is critical we
have the tools in place to provide our clients with solutions for
both their traditional investment needs as well as their increased
digital needs.”
The new division will build on State Street’s current digital
capabilities and will expand to include crypto, central bank
digital currency, blockchain, and tokenization. Our proprietary
GlobalLink technology platform will be an integral component of
State Street Digital and will be enhanced into a digital
multi-asset platform. The objective is to evolve the platform into
a multi-asset platform to support crypto assets among other asset
classes. The aim will also be to support our peer-to-peer ambitions
by creating new liquidity venues for our clients and investors
worldwide.
“We have been developing a number of digital capabilities and
other solutions as well as partnering and investing in the
infrastructure that forms the foundation of State Street Digital,”
said Chakar. “State Street has a major role to play in the
evolution of digital market infrastructure and this new division
will help us bring our expertise and resources to the conversation.
As digital currencies and tokenization not only gain momentum, but
transform financial infrastructure and operating models, we can
help our clients bridge the gap between the industry of today and
the one of tomorrow.”
Today’s announcement builds on State Street’s long history of
innovation and strong foundation within the digital servicing
space. In 2019, the company launched State Street AlphaSM, the
industry’s first front-to-back offering based on the principles of
openness and interoperability. In April of this year, State Street
announced that it was appointed as the administrator of a planned
bitcoin backed exchange traded note (ETN) initiated by Iconic Funds
BTC ETN GmbH, a subsidiary of Iconic Funds GmbH. The ETN will be
listed on the Frankfurt Stock Exchange, following the approval by
the German Securities Regulator (BaFin). Separately in March, State
Street announced that it was appointed as the fund administrator
and transfer agent of the VanEck Bitcoin Trust (‘The Trust’) a new
bitcoin exchange-traded fund (ETF) that is currently pending
approval by the US Securities and Exchange Commission (SEC).
Tony Bisegna, global head of portfolio solutions, FX sales and
trading, and research for State Street Global Markets, will become
our head of Global Markets effective September 1, 2021. Bisegna’s
appointment is part of our ongoing succession planning.
About State Street Corporation
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 $40.3 trillion in assets
under custody and/or administration and $3.6 trillion* in assets
under management as of March 31, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
* Assets under management as of March 31, 2021 includes
approximately $60 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
Forward Looking Statements
This News Release contains forward-looking statements within the
meaning of United States securities laws, including statements
about our goals and expectations regarding our newly launched
division focused on addressing the industry’s evolving shift to
digital finance, State Street Digital, and related matters,
including industry and economic trends. Forward-looking statements
are often, but not always, identified by such forward-looking
terminology as “will,” “trend,” “objective,” “aim,” “strategy,”
“goal,” “expect,” “priority,” “intend,” “plan,” “believe,”
“anticipate,” “estimate,” “seek,” and “may” or similar statements
or variations of such terms. These statements are not guarantees of
future performance, are inherently uncertain, are based on current
assumptions that are difficult to predict and involve a number of
risks and uncertainties. Therefore, actual outcomes and results may
differ materially from what is expressed in those statements.
Important factors that may affect future results and outcomes
include, but are not limited to, those factors set forth in our
2020 Annual Report on Form 10-K and our subsequent SEC filings. We
encourage investors to read these filings, particularly the
sections on risk factors, for additional information with respect
to any forward-looking statements and prior to making any
investment decision. The forward-looking statements contained in
this News Release should not by relied on as representing our
expectations or beliefs as of any time subsequent to the time this
News Release is first issued, and we do not undertake efforts to
revise those forward-looking statements to reflect events after
that time.
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Media Contact: Ed Patterson EPatterson@StateStreet.com +1
404 213 3106
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