State Street Global Services’ alternative investment solutions (AIS) group is set to expand its fund administration services platform in Asia Pacific region with the launch of a new office in Shanghai in November 2013.
Carol Hall, Asia-Pacific senior managing director of State Street AIS based in Hong Kong, told Asian Investor that two client service employees will be hired to serve the new branch and they plan to recruit more in the coming months.
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The firm has appointed Eric Chow from BNY Mellon last month to oversee these growth efforts in the Asia Pacific region.
Based in Hong Kong and reporting to Hall, Chow will spearhead the Shanghai office and traget on expanding the unit’s offering in China and North Asia.
Apart from focusing Asia-based hedge funds, private equity firms and real estate asset managers, State Street also plans to help global fund managers seeking to expand into the region.
Hall said: "It’s too early to tell whether the programme will take off, but the prospects are too encouraging to ignore. This is the first time this has happened. For a hedge fund manager, this is a great to access a new market where there are great opportunities."
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By GlobalData"Equity long/short has been the preferred strategy in the region for years. What we are seeing now is increased complexity from some of our clients, who are looking at more debt products and hybrid strategies," Hall added.
SSGS has around 80 employees across Hong Kong and Singapore and 240 employees in Hangzhou.
The expansion of State Street into the fund administration services in Asia follows its acquisition of Jersey-based Mourant International Finance Administration in April 2010.
