As part of its integration of the Intesa Sanpaolo (ISP) securities services business, State Street will be opening two new offices in Italy - the first step towards further European expansion.
State Street acquired the business in May 2010 adding approximately €369bn in assets under custody. The new offices will be in Milan and Turin.
The firm said the integration of the Intesa Sanpaolo business has been smooth.
Joe Antonellis, vice chairman of State Street said: “We are extremely pleased with the efficiency with which we are integrating the ISP business. For example the migration of Luxembourg clients to State Street custody platforms is complete, and we have retained substantially all of the Luxembourg-based business acquired through the ISP business. The migration of Italian clients to State Street custody platforms is on track.
“Derivative processing and valuation activities have been integrated and value-added products such as collateral management have also been introduced. As we complete the conversion in Italy, we have the capacity and resources available to further expand our European business.”
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