State Street Corporation has launched a new hedge fund servicing business in Asia Pacific, and announced expansion plans for existing real-estate and private equity servicing operations in mainland China, Hong Kong and Singapore.
To support the expansion drive, State Street has appointed Carol Hall as senior managing director and head of alternative investment services in Asia Pacific. Hall will be based in Hong Kong, with direct responsibility for teams servicing private equity clients in Hong Kong and Singapore, and for the establishment of the hedge fund servicing business. Services offered will cover requirements for front, middle, and back-office, as well as a broad range of risk, performance and analytics services.
“I’m excited to take up the challenge of delivering State Street’s comprehensive range of hedge, private equity and real estate fund administration services in Asia Pacific,” said Hall. “Clients with investments in the region will benefit from our alternatives fund administration expertise, proven process controls and dedicated technology platforms – most importantly to be delivered by teams located in this time-zone.”
The hedge fund services will be offered through International Fund Services, a State Street company and the industry’s second largest hedge fund administrator and provider of middle and back office offerings supported by proprietary technology platforms. State Street already has a private equity and real estate service business in Asia and expects to add another 60 people in Hangzhou as that business expands.
State Street established a presence in Asia Pacific as an alternative funds service provider when it acquired Mourant International Finance Administration (MIFA) in 2010, with locations in Hong Kong and Singapore. Hall said allocations into alternative assets were expected to increase over the next few years, with rising demands from investment managers in Asia Pacific, and also from North American and European clients with a trading presence in the region.
“We will provide the same comprehensive services in Asia Pacific that we are delivering today in North America and Europe,” said Hall. “Functions can therefore be shared between jurisdictions, which will mean more timely and efficient service for clients.”
