Boston-based financial services firm State Street is expanding to China as part of its broader effort to bolster its footprint in the country.
The firm announced in a statement Monday that it is opening a new office in Shanghai, which will provide alternative investment servicing solutions to support State Street’s strategic hedge fund clients as they expand their business in China. The staff at the new office will report to Eric Chow, the head of relationship management for the firm’s AIS business in Asia-Pacific.
The new location will also support client and business development initiatives in the country for State Street’s alternative investment solutions.
With locations around throughout the world, including the U.S., Canada, Europe and Asia, State Street has $27.4 trillion in assets under custody and administration and $2.3 trillion in assets under management as of December 31.