State Street has promoted its head of global services for Asia-Pacific (APAC) to lead the bank’s overall business in the region.
Ian Martin, a 25-year State Street Veteran, will continue his current responsibilities of leading State Street’s global services business in APAC, which includes the bank’s core custody, accounting and fund administration services to asset owners and managers.
Martin succeeds Wai-Kwong Seck who, after eight years in the role, has decided to pursue other opportunities closer to his hometown of Singapore.
“Ian has led the majority of State Street’s businesses in the region throughout his career including investment servicing, trading and research with global markets, and our data and analytics business,” said Andrew Erickson, head of global services worldwide, State Street.
The Asia-Pacific region has become a key target for the Boston-based global custodian, which is currently vying for a dominant position in the South Korean market alongside BNY Mellon. Both banks are reportedly set to open a new Korean office to align them more closely with the Korean National Pension Service (NPS), a $570 billion pension fund.
In November last year, the NPS chose to outsource its middle-office to State Street for the first time, as well as renewing its global custody and fund administration mandate for its global equity portfolio.
“I look forward to partnering with our clients to deliver integrated solutions for their business and investment needs, which will include the development of the industry’s first-ever global platform connecting the front-, middle- and back-office,” added Martin.