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 Shanghai team will report to Eric Chow, head of relationship management for State Street’s AIS business in Asia Pacific.
The new office is part of State Street’s commitment to expand its presence in the Asia Pacific region.
If follows the creation of State Street’s technology centre in Hangzhou China in 2008, its Beijing branch in 2011 and its joint venture with Zhongrong International Trust last year.
State Street senior managing director of the AIS team Carol Hall said it was an exciting milestone for State Street and its continued development in China.
“We are very pleased to be able to support our global clients as they expand into the APAC region,” said Ms Hall.
She said the State Street approach to providing integrated investment servicing solutions is well-suited to China’s growing market, where domestic institutional investors have become more sophisticated and are gaining more exposure abroad.
“These investors are looking for foreign partners with global capabilities combined with local knowledge and expertise.”
