State Street, provider of financial services to institutional investors has announced the opening of two new State Street offices in Milan and Turin as part of its successful integration efforts for the Intesa Sanpaolo (ISP) securities servicing business in both Italy and Luxembourg.
State Street acquired the ISP business in May 2010 adding approximately 369 billion in assets under custody and 529 employees in Milan, Turin and Luxembourg.
As we are completing the successful integration of the ISP business in Italy and Luxembourg, we are also opening two new offices in Milan and Turin,” says Joe Antonellis, vice chairman of State Street. “We are extremely pleased with the efficiency with which we are integrating the ISP business. For example the migration of Luxembourg clients to State Street custody platforms is complete, and we have retained substantially all of the Luxembourg-based business acquired through the ISP business. The migration of Italian clients to State Street custody platforms is on track.
The acquisition enhanced State Streets position to be one of the largest service providers in Italy and also significantly strengthened its position in Luxembourg.
We are exceeding our goals on client and revenue retention,” says Antonellis. “Derivative processing and valuation activities have been integrated and value-added products such as collateral management have also been introduced. As we complete the conversion in Italy, we have the capacity and resources available to further expand our European business.(LB)