Standard Bank Group and State Street Corporation have announced an agreement to provide transition management services in sub-Saharan Africa.
The agreement will provide clients of Standard Bank Group with access to State Street's full transition management and portfolio solution services. Standard Bank Group currently provides custody and related services in 15 sub-Saharan markets representing assets under administration in excess of $450-billion and State Street completed 650 transitions globally last year alone.
John Minderides, head of portfolio solutions for Europe, the Middle East and Africa at State Street Global Markets, says: "This agreement will bring many advantages to clients in the region. It is an exciting opportunity for State Street to collaborate with an organisation that has complementary strengths. Standard Bank is a large and established investor services provider in Sub-Saharan Africa, with extensive reach with institutional investors throughout the region."
Mark Kerns, head of investor services at Standard Bank Group, says: "State Street's global expertise, proven technology and reputation with clients and consultants were key drivers for us in our decision to partner with them. With State Street's capabilities we are able to introduce clients to a leading transition management service that will aid those clients in their objectives of reducing costs and risks in their asset restructuring activity."
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $25.4-trillion in assets under custody and administration and $2.2-trillion in assets under management at 31 March 2013, State Street operates in more than 100 geographic markets worldwide, including the USA, Canada, Europe, the Middle East and Asia. For more information, visit www.statestreet.com.
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