State Street has added custody, cash management and foreign exchange services to its suite of front, middle, and back-office administration services for hedge funds.
According to the press release, the expanded service offerings are in response to growing interest from hedge fund managers seeking to diversify risk by moving more services to global custodians during a challenging market environment.
Counterparty risk is a heightened concern among hedge fund managers who are assessing safekeeping options for their cash and other assets, said Jack Klinck, executive vice president and global head of State Streets Alternative Investment Solutions group. By combining traditional custody services with our full complement of middle office, fund accounting, fund administration and risk services, we can offer our customers seamless service delivery through an integrated solution set.