The expanded State Street office will allow the company to expand its custody capability in Melbourne to cater in part to new client Victorian Funds Management Corporation (VFMC).
A State Street spokesperson told InvestorDaily the firm is currently recruiting up to 40 mostly custody client servicing roles to fill the new office space in Melbourne’s CBD.
VFMC announced in June last year it was switching to State Street for custody services after 21 years with NAB Asset Servicing.
The fund manager, which had $50.9 billion under management as at June 2015, is set to begin transitioning assets to State Street in the second quarter of 2016.
State Street head of global services for Australia and New Zealand, Paul Khoury, said Melbourne clients have typically been serviced from Sydney where State Street has 650 staff.
“We’ve had a number of business development and relationship management employees based in Melbourne but have typically serviced Melbourne clients from Sydney,” Mr Khoury said.
“This expanded office allows us to be closer to our Melbourne-based clients and will house a variety of relationship management and client service roles, spanning a range of functions,” he said.
The asset management arm of State Street, State Street Global Advisors, will also be increasing its presence in Melbourne as part of the expansion.
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