State Street Corporation is set to open a new office in Shanghai as part of strategy to expand its presence in China.
The new office will offer alternative investment servicing solutions to support State Street’s strategic hedge fund clients in China.
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Additionally, it will also support client and business development strategies in China for State Street’s Alternative Investment Solutions (AIS) business in the private equity and real estate asset classes.
The staff at the new Shanghai office will report to Eric Chow, the head of relationship management for the firm’s AIS business in Asia-Pacific.
Carol Hall, senior managing director of State Street’s AIS team said: "This is an exciting milestone for State Street and our continued development in China. 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."
Chow said: "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."
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