US-based asset manager State Street has launched a digital finance division to meet evolving requirements.

The new division will be led by Nadine Chakar, who will directly report to State Street COO Lou Maiuri.

State Street Digital division will leverage the asset manager’s existing digital capabilities and will further expand to include crypto, central bank digital currency, blockchain, and tokenisation.

The company’s GlobalLink technology platform will also be enhanced into a digital multi-asset platform to support crypto assets.

State Street chairman and CEO Ron O’Hanley said: “The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years.

“Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.”

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Chakar said: “We have been developing a number of digital capabilities and other solutions as well as partnering and investing in the infrastructure that forms the foundation of State Street Digital.

“State Street has a major role to play in the evolution of digital market infrastructure and this new division will help us bring our expertise and resources to the conversation.”

State Street operates globally in more than 100 geographic markets. It had nearly $3.6trn in assets under management, as of 31 March 2021.

In April, the asset manager reported 18% decrease in net income in Q1 2021.