State Street has opened a new office in Chile to support the growing number of institutional clients in Latin America.
The office will have a focus on custody, fund administration and securities lending, with Alberto Menendez appointed to lead the operation and as sales representative for Chile and Peru. Menendez is based in Chile and will report to Maria Ximena Vasquez Barbosa, regional sales head for Latin American and the Caribbean excluding Brazil.
Menendez brings more than 10 years of experience in the region. He joins State Street from Credicorp Capital Chile, where he served as distribution manager, overseeing the distribution of first-class mutual funds, ETFs and alternative asset managers, including State Street’s ETFs for Chile, Colombia and Peru. Prior to that, he held leadership positions at AFP Provida, Celfin and AFP ING of Colombia.
“We are proud of our growth in Latin America, which continues to be a critical market for the global investment community,” said Marcia Rothschild, State Street’s head of Latin America and The Caribbean. “With our new office, State Street is even better positioned to serve our clients, globally and locally, as they navigate the evolving challenges of investing in emerging markets.”
“I am excited to lead this new office and help State Street accelerate its growth plans in Chile, Peru and other Latin American countries,” added Menendez. “State Street has brought market leading solutions and unprecedented scale to the region, and the opportunity ahead is only growing as we continue to expand our capabilities on behalf of clients.”
The announcement follows the publication of State Street’s Q3 results yesterday, which saw the custodian post a 12.4% fall in servicing fees to $1.2 billion, marking a second consecutive quarter of revenue decline. The bank attributed the drop to lower average market levels, lower client activity/adjustments, normal pricing headwinds and the impact of currency translation.
Assets under custody/administration also fell, declining 6.5% on last quarter to $35.6 billion.