State Street to Simplify Japan Structure

Thursday, May 31, 2018 10:09 am EDT

Dateline:

Tokyo, 31 May 2018
"As our client base continues to grow, we see the opportunity for greater synergies between the two units as well as reducing the overlapping service areas."

State Street Trust & Banking Co., Ltd (“SSTB”) announced today that it will incorporate the business functions of State Street Global Markets (Japan) (“SSGMJ”) to create a simpler structure that reflects the evolving needs of clients in Japan.

Under the move, the SSGMJ entity will be dissolved and its employees will join SSTB.  The transfer of operations is expected to take effect on 1st June 2018, subject to necessary regulatory approvals.

“This move enables us to structure our businesses more efficiently and to better meet the needs of both SSGMJ and SSTB clients,” said Richard Fogarty, president and representative director of State Street Trust & Banking Co., Ltd.  “As our client base continues to grow, we see the opportunity for greater synergies between the two units as well as reducing the overlapping service areas.” 

With the completion of the move, State Street will have three operating entities in Japan: State Street Trust and Banking Co., Ltd., State Street Bank and Trust Company Tokyo Branch, and State Street Global Advisors.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $33.30 trillion in assets under custody and administration and $2.70 trillion** in assets under management as of March 31, 2018, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.

State Street Trust and Banking Co., Ltd mainly acts as the agent for the global custody business of State Street Bank and Trust Company, Boston, in Japan. 

*Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $36 billion as of March 31, 2018), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

Contacts:
Corporate Communications, State Street        03-4530-7105           Japan_Corp_Comms@jp.statestreet.com 
Kreab (Ms. Yasue Aoi)                                 03-5404-0640             StateStreetJapan@kreab.com

Media Contacts

Contact a member of the State Street Media Relations Team.

Social Media

Business Wire NewsHQ℠