State Street has opened an office in Shanghai which will provide alternative investment servicing solutions to support the firm’s hedge fund clients as they expand their business in China.
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.
Carol Hall, senior managing director of State Street’s AIS team, says: “This is an exciting milestone for State Street and our continued development in China. We are very pleased to be able to support our global clients as they expand into the APAC region.
“We believe our 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.”
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 centre in Hangzhou China in 2008, its Beijing branch in 2011, and State Street Global Advisors announced a joint venture with Zhongrong International Trust last year.
Chow says: “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.”