State Street has teamed up with Lukka to expand digital asset fund administration capabilities for its alternative investment clients.
The partnership follows the American asset manager’s investment in Lukka last year and comes close on the heels of the launch of its digital finance division, State Street Digital.
The asset manager will leverage the partnership to support its private fund clients with collection, standardisation, enrichment, reconciliation, processing and reporting related to crypto and other digital assets.
State Street Digital head Nadine Chakar noted: “The growth in popularity of digital assets is showing no signs of a slowdown and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital assets servicing models to help meet our clients’ growing demands.”
State Street will utilise Lukka’s product suite to consume crypto assets that are combined within a private client’s traditional alternative investments portfolios.
Its product suite includes a proprietary middle and back-office data management solution which is purpose-built for blockchain and crypto asset data.
In addition, the asset manager will also leverage Lukka Reference Data, and Lukka Prime Pricing Data.
According to State Street Digital alternatives lead Jen Tribush said: “Lukka was the ideal partner to help provide these services given their leading position in crypto asset data as State Street continues to add to our growing offering in the digital asset space.”
Lukka CEO Robert Materazzi added: “State Street was quick to recognise the importance of building capabilities to support crypto assets and we are proud to partner with them as funds quickly look to diversify their portfolios.”
Recently, State Street signed an agreement to acquire Mercatus, a data management provider for the private market managers. The transaction is expected to be completed in September.