State Street Corporation has been awarded a mandate to provide global custody, fund accounting and performance measurement by Hongkong Electric's $300 million retirement fund.
This is a significant win for State Street because it is the first regional client to convert from the $1.5 billion acquisition of Deutsche Bank's global custody business, which was finalized in February. That deal represented $2.2 trillion of assets, most from the US and Europe, and included Deutsche Asset Management's business. Deutsche Bank has retained its Asian sub-custody business.
State Street officials say some important points in clinching the mandate included a strong team on the ground in Hong Kong that could provide Hongkong Electric...
