State Street Partners with Lukka to Expand Digital Asset Fund Administration Capabilities for its Alternative Investment Clients
July 29 2021 - 8:15AM
Business Wire
Partnership Will Allow Firm to Service Digital Assets with the
Same Quality and Precision as Traditional Assets for Private Fund
Managers
State Street Corporation (NYSE: STT) today announced it will
provide digital and cryptocurrency asset fund administration
capabilities for the firm’s private funds clients. In partnership
with Lukka, a leading enterprise crypto asset data and software
provider, State Street will support its private fund clients with
collection, standardization, enrichment, reconciliation, processing
and reporting related to crypto and other digital assets.
The partnership is State Street’s latest effort in the digital
and crypto asset space following the launch of State Street
Digital, a division focused on addressing the industry’s evolving
shift to digital finance, and comes after Lukka’s Series C funding
round in December of 2020, which was led by State Street.
“The growth in popularity of digital assets is showing no
signs of a slowdown and State Street Digital is committed to
continuing to build out the necessary infrastructure to further
develop our digital assets servicing models to help meet our
clients’ growing demands,” said Nadine Chakar, head of State Street
Digital. “Our work with Lukka will leverage their software and data
in order to help expand our digital and crypto asset fund
administration capabilities to alternative managers is just another
advancement in our digital solution set and marks a very exciting
development.”
State Street will leverage Lukka’s product suite, which includes
a proprietary middle and back office data management solution,
purpose-built for blockchain and crypto asset data, as well as
Lukka Reference Data, and Lukka Prime Pricing Data. This will
enable State Street to consume crypto assets that are comingled
within a private client’s traditional alternative investments
portfolios.
“As our clients continue to adopt digital assets, such as
crypto, we’ve seen increasing interest among investors for
institutional quality middle and back-office offerings that support
diversified portfolios,” said Jen Tribush, alternatives lead for
State Street Digital.“ Lukka was the ideal partner to help provide
these services given their leading position in crypto asset data as
State Street continues to add to our growing offering in the
digital asset space.”
“State Street is leading the charge to usher in the next
generation of fund administration,” said Robert Materazzi, CEO of
Lukka. “Large, traditional funds are rapidly looking to add crypto
to their offerings, which leads them to ask their existing, trusted
service providers such as State Street for fund administration.
State Street was quick to recognize the importance of building
capabilities to support crypto assets and we are proud to partner
with them as funds quickly look to diversify their portfolios.”
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 $42.6 trillion in assets
under custody and/or administration and $3.9 trillion* in assets
under management as of June 30, 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 June 30, 2021 includes
approximately $64 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.
© 2021 State Street Corporation - All Rights Reserved
3693118.1.1.GBL.RTL
About Lukka:
Founded in 2014, Lukka serves the largest crypto asset
institutions with middle and back office data & software
solutions. Lukka solves the very unique complexities of crypto (and
blockchain) data for businesses so that they can adopt digital
assets into their businesses. Its customers include Crypto Asset
Exchanges and Trading Desks, CPA & Accounting Firms, funds,
fund administrators, fund auditors, and Financial Auditors, Miners,
Protocols, individuals and any business that interacts with crypto
transactions. All of Lukka’s products are created with
institutional standards, such as AICPA Service and Organization
Controls (SOC), which focus on data quality, financial calculation
accuracy & completeness, and managing technology risk. Lukka is
a global company, currently headquartered in New York City. For
information about Lukka, visit https://lukka.tech/.
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version on businesswire.com: https://www.businesswire.com/news/home/20210729005601/en/
Media Contact: State Street Brendan Paul
Bpaul2@statestreet.com +1 401 644 9182
Media Contact: Lukka Brian Brown
brian.brown@lukka.tech +1 917 680 7806
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