UK - Performance measurer the WM Company is to have its services substantially upgraded by its new parent, State Street.
WM was taken over late last year when Deutsche Bank sold off divisions – including its global custody, fund administration and securities lending divisions – to State Street for US$1.5bn (£946m).
State Street is now looking to invest in systems and infrastructure to help the WM Company maintain its “market leading” position and to enable it to offer easier and more regular access to information and new product lines.
State Street senior vice-president Hannah Grove declined to comment on the firm’s plans but said: “The WM Company is a very important franchise and an important part of the acquisition.”
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