State Street Opens Shanghai Alternative Investment Office

By Editorial 31 January, 2014

United States-based financial services holding company State Street Corporation announced the opening of an office in Shanghai on January 27, 2014.

The new office will provide alternative investment servicing solutions to support State Street's strategic hedge fund clients as they expand their business in China, the company's press release said. It will also support client and business development initiatives in China for State Street's Alternative Investment Solutions (AIS) business in the private equity and real estate asset classes.

State Street's team in Shanghai will report to Eric Chow, head of relationship management for State Street's AIS business in Asia Pacific. The new office builds on State Street's commitment to expand its presence in the Asia Pacific region. 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 Co Ltd, last year.

Chow added, "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."

State Street's AIS team offers deep, product-specific expertise in alternative investments and flexible alternative investment solutions, including fund accounting, fund administration, risk and credit services. In a global survey of alternative managers conducted by State Street in collaboration with Preqin in July last year, nearly one in five fund managers surveyed said they plan to expand into new regions by 2018 and 10 percent said they would acquire another business in the next five years.

Tags: Asia Pacific | Investment | Business | Holding Company | Private Equity | Accounting | Financial Services | China | United States | Regulation | Alternative Investment | Services | Expats | Investment | Invest | Investment |


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