BEIJING, November 16, 2022 — State Street Corporation (NYSE:STT) today announced that it has been appointed by China’s Harvest Fund Management Co Ltd. to provide onshore CNY foreign exchange (FX) hedging services for their Qualified Domestic Institutional Investor (QDII) investment funds.
State Street has a long-term partnership with Harvest, having supplied the firm with a wide range of global custody services since 2010.
“China’s asset management market is rapidly evolving and domestic investors are looking to diversify their portfolios by increasing global investments. We are excited to expand our relationship with State Street, allowing us to leverage State Street’s global scale and experience to access new asset classes and financial products,” Harvest said in a statement on the new mandate.
"This mandate is an important milestone for State Street’s FX business expansion in China,” said Shen Li, head of Global Markets, China at State Street. “It demonstrates the value we deliver to onshore Chinese financial institutions, supporting their investments in global markets. We are pleased to continue supporting Harvest on the growth of their global investment fund management.”
In early 2022, State Street began providing onshore CNY FX liquidity on spot, forward and swaps with Beijing FX trading desk. The firm offers FX services to fulfill the FX demand for security settlement and currency hedging of offshore investors’ inbound investments via the Bond Connect, CIBM Direct and QFII channels, or onshore investors’ outbound investments via the QDII program.
Globally, State Street has FX sales and trading desks in 14 locations, including seven in Asia Pacific, providing 24 hours trading in over 50 currencies, and trades FX with over 1,000 counterparties1.
1Source: State Street, as of Aug 26, 2022
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 US$35.7 trillion in assets under custody and/or administration and US$3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of September 30, 2022 includes approximately US$55 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
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Exp. Date November 30, 2023
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