State Street Corporation has opened a Milan office located at Via Turati, 16/18. State Street opened in Milan as part of its acquisition of Deutsche Bank’s global securities services business in July 2003, and marked the official opening of its new office at a reception held last night.
“We view Italy as one of the cornerstones of our ongoing European expansion and we see tremendous opportunities in the Italian market,” says Jean-Marc Crepin, vice president and manager of State Street’s operations in Milan. “Our clients here are looking to take advantage of the services offered by our global scale and full range of products backed by our continuous investment in technology. Our new presence in Milan demonstrates our commitment to this market.”
The Milan operation has 30 employees, who will provide institutional investors with a wide array of services including depotbank, custody and securities lending. State Street claims to be the leading third party investment service provider in Italy.
State Street says that, since closing the acquisition of the Global Securities Services business acquired from Deutsche Bank in January 2003, State Street’s integration of the European business is progressing well with client conversions well underway. To date more than 550 clients throughout the United States and Europe have transitioned to State Street.