ITALY - State Street has strengthened its European presence with the opening of two new offices in Milan and Turin, Italy. The move is part of the company's successful integration efforts with Intesa Sanpaolo (ISP) which has a presence in both Italy and Luxembourg.
State Street acquired the securities services business of ISP in May 2010, adding approximately €369bn ($530bn) in assets under custody and 529 employees to its portfolio.
Joe Antonellis, vice chairman of State Street, said that the new offices are part of the company's overall growth plans to double its revenues in the next five years. Up until now, State Street's main areas of growth have resided mainly in the US.
He added: "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."
According to Antonellis, State Street has exceeded its goals on client and revenue retention. 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," he said.
State Street operates in 26 countries worldwide. The company holds $22.6trn in assets under custody and administration, and $2.1trn in assets under management as of March 31, 2011.
(This article first appeared on GP's sister title, International Custody & Fund Administration)
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