State Street has been granted a deposit-taking licence by the Jersey Financial Services Commission to provide banking services on the Island, thus complementing the fund administration services it currently offers in Europe. State Street has more than 400 employees in Jersey and obtained entry into the private equity fund administration space through its acquisition of Mourant International Finance Administration in December 2009.
Phil McGowan, senior managing director of State Street’s private equity, real estate and corporate services business in Europe, the Middle East and Africa said the company had opportunities to offer banking services prior to integrating Mourant and clients were bullish about the banking services offering from a provider with a solid credit rating.
McGowan added: Offering banking services from Jersey is an important component of our value proposition for clients. It is gratifying to increase our commitment to the Island by extending our solutions to include these additional services.
Following the opening of a branch of Boston bank in Jersey, State Street has augmented the treasury team within the branch and added personnel across the trading services team. Justin Clatham is principal of the banking services division while Malcolm Davies is senior manager.
(JDC)