State Street Officially Opens its New Kilkenny Office

Rhea-AI Summary

State Street (NYSE: STT) inaugurates a new office and global cybersecurity center in Kilkenny, Ireland, showcasing commitment to the region and confidence in its workforce. The firm's growth over 20 years in Ireland and recognition as a leading financial services provider highlight its strategic importance and environmental responsibility.

Positive

• State Street opens a new office building in Kilkenny, Ireland, reaffirming its commitment to the region.
• Establishment of a global cybersecurity center in Kilkenny reflects State Street's confidence in the local talent pool.
• State Street has been operating in Ireland since 1996 and has become one of the largest international financial services employers in the country.
• The new office building includes a global cybersecurity center of excellence, the only one outside of the US, supporting operations in over 200 markets worldwide.
• State Street's recognition as a leading provider of fund administration and custody services in Ireland underscores its strategic importance in the financial services sector.
• The new building prioritizes environmental responsibility with features like energy management systems, photovoltaic panels, rainwater harvesting, and biodiversity elements.
• Fitwel certification, ample bicycle parking, walking trails, beehives, fitness hubs, and accessibility features enhance employee well-being and create a sustainable work environment.

Negative

• None.

Insights

Market Research Analyst

The establishment of State Street Corporation's new office and global cybersecurity center in Kilkenny represents a strategic enhancement of the company's operational capabilities. This move could have implications for State Street's competitive positioning, particularly in the realm of cybersecurity services for institutional investors. The choice of Kilkenny, leveraging the local talent pool and educational institutions, indicates a trend towards geographic diversification and investment in human capital.

Additionally, the center could potentially lead to cost efficiencies and innovation in cybersecurity, given the proximity to technological expertise. This development may also reflect positively on the company's stock, as it demonstrates a proactive approach to risk management and operational resilience, factors that are increasingly valued by investors in the financial services sector.

Environmental Sustainability Analyst

State Street's commitment to environmental responsibility, as evidenced by the BER A3 rating of their new building, could resonate with socially responsible investors and clients who prioritize sustainability. The integration of energy management systems, photovoltaic panels and rainwater harvesting aligns with broader industry efforts to reduce carbon footprints and could set a precedent for future infrastructure investments within the sector.

The focus on employee well-being, through Fitwel certification and amenities like fitness hubs and beehives, also aligns with emerging trends in corporate social responsibility. These features may enhance State Street's reputation as an employer of choice, potentially leading to improved recruitment and retention rates, which can have long-term positive effects on operational performance and, by extension, shareholder value.

Financial Services Industry Analyst

The presence of a global cybersecurity center outside of the US is indicative of State Street's strategy to bolster its global service offerings. The cybersecurity hub could serve as a differentiator in the financial services industry, where trust and security are paramount. This move may also reflect State Street's anticipation of increased regulatory scrutiny on data security and cyber risk management.

The recognition by The Monterey Insight 2023 report underscores State Street's leadership in fund administration and custody services, reinforcing the potential for the Kilkenny center to further strengthen these service areas. The long-term impact on the company's financial performance could be significant as it may attract additional institutional clients seeking robust cybersecurity measures, which would enhance revenue streams and potentially lead to stock price appreciation.

• New office and establishment of global cybersecurity center a major vote of confidence in Kilkenny

KILKENNY, Ireland--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) one of the world's leading providers of financial services to institutional investors, today marked the official opening of its new office building in Kilkenny.

State Street established its Irish operations in 1996 and has grown to become one of the largest international financial services employers in Ireland. With a presence in Kilkenny for over 20 years, State Street was the first company in the International Financial Services Centre (IFSC), to establish a regional base outside of Dublin. Today’s opening ceremony, hosted by the Minister for Finance, Michael McGrath, T.D. and by State Street chairman and chief executive officer Ron O’Hanley, signifies a major milestone in the firm’s ongoing commitment to the region and to Ireland.

“Our new office and global cybersecurity centre reflects State Street’s commitment to Ireland and our confidence in the South-East region's exceptional talent pool” said Ron O ’Hanley, chairman and chief executive officer of State Street. "We are grateful to the Irish government for its support in our continuing journey to enhance our operational capabilities by leveraging Ireland’s exceptional workforce and its strength as a fund domicile and ecosystem.”

The availability of relevant and skilled technology talent from universities in the South-East region, alongside the need to support global operations outside of the US, are two of the key reasons for the firm to select Kilkenny as its regional base.

Welcoming the news, Minister for Finance, Michael McGrath said: “I want to congratulate State Street on this important milestone for their regional operations in Ireland. The Kilkenny operations are a vital element in the development of the international financial services sector in the South-East region and the cybersecurity centre is a testament to links they have developed with the third level institutions. State Street is one of the largest employers in financial services and I want to wish all the team in Kilkenny the very best and continued success as they build out their exciting new cybersecurity global business in the new offices.”

Located at IDA Ireland Business and Technology Park, the new state of the art building is also home to State Street’s recently established global cybersecurity centre of excellence, the only dedicated cybersecurity hub outside of the US, supporting the needs of its employees in over 200 geographic markets worldwide.

Terri Dempsey, country head of Ireland, added: "The establishment of this new office will amplify the work State Street has been doing in Kilkenny for over twenty years, deepening our connections to local community, businesses and institutions to nurture growth and innovation. Kilkenny’s thriving talent pool and dynamic innovation landscape make it an ideal base for our established cybersecurity fusion centre and enables us to actively promote female participation in the tech industry. Government policies and the continued support from the IDA have laid a solid foundation for State Street to grow together with the people of Kilkenny and for the prosperity of the region."

State Street was recognised as the leading provider of fund administration services and custody services, and transfer agent in Ireland in The Monterey Insight 2023 report. Together with State Street Global Advisors, State Street’s asset management business, the firm has grown over the years to become one of the largest international financial services employers in Ireland.

In addition to its strategic importance to the firm, the modern building also reflects State Street’s strong commitment to environmental responsibility, including energy management systems, photovoltaic panels, and rainwater harvesting achieving BER A3 rating. The building has also integrated biodiversity elements and prioritised employee well-being with Fitwel certification, ample bicycle parking, walking trails, beehives, fitness hubs and diverse accessibility features to create a sustainable and employee-centric environment.

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 $41.8 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 46,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of December 31, 2023, includes approximately $64 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240325846732/en/

Media:

Michel Chau

+44 (0) 7500 682982

mchau@statestreet.com

Source: State Street Corporation

FAQ

What is the ticker symbol for State Street ?

The ticker symbol for State Street is STT.

Where did State Street establish its new office building?

State Street inaugurated its new office building in Kilkenny, Ireland.

What milestone did State Street mark with the opening of its new office building?

The opening of the new office building in Kilkenny marked a major milestone in State Street 's ongoing commitment to the region and to Ireland.

What is the significance of State Street 's global cybersecurity center in Kilkenny?

The global cybersecurity center in Kilkenny reflects State Street 's confidence in the exceptional talent pool in the South-East region and its need to support global operations.

How has State Street contributed to the development of the financial services sector in Ireland?

State Street has grown to become one of the largest international financial services employers in Ireland and is recognized for providing fund administration and custody services in the country.

What environmental features are integrated into State Street 's new office building?

The new office building includes energy management systems, photovoltaic panels, rainwater harvesting, biodiversity elements, and prioritizes employee well-being with Fitwel certification, bicycle parking, walking trails, beehives, fitness hubs, and accessibility features.