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State Street Opens New Office in Chile to Support Continued Growth in Latin America
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Rhea-AI Summary
State Street Corporation (NYSE: STT) has opened a new office in Chile to enhance its services for institutional clients in Latin America. Alberto Menendez has been appointed to lead the office and strengthen sales efforts in Chile and Peru. This move builds on State Street's previous expansion efforts in the region, including the launch of foreign exchange capabilities in Brazil. State Street currently manages $35.7 trillion in assets under custody and $3.3 trillion in assets under management.
Positive
Opening of a new office in Chile supports regional expansion.
Appointment of experienced leader Alberto Menendez enhances local expertise.
State Street aims to strengthen client services in Latin America.
Negative
None.
Alberto Menendez appointed to lead Chile office; Builds on State Street’s ongoing expansion of regional capabilities in Latin America
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) announced today the opening of a new office in Chile to help the firm serve and support institutional clients in Latin America, with a focus on custody, fund administration and securities lending. The firm has appointed Alberto Menendez to lead the Chile office and as sales representative for Chile and Peru. Menendez is based in Chile and will report to Maria Ximena Vasquez Barbosa, regional sales head for Latam and Caribbean excluding Brazil.
The launch of the Chile office marks an important milestone as the firm builds on its ongoing expansion of client capabilities in the region. In 2021, State Street announced that its Brazilian bank began offering foreign exchange capabilities and sales operations.
“We are proud of our growth in Latin America, which continues to be a critical market for the global investment community,” said Marcia Rothschild, State Street’s head of Latin America and The Caribbean. “With our new office, State Street is even better positioned to serve our clients, globally and locally, as they navigate the evolving challenges of investing in emerging markets.”
“I am excited to lead this new office and help State Street accelerate its growth plans in Chile, Peru and other Latin American countries,” said Menendez. “State Street has brought market leading solutions and unprecedented scale to the region, and the opportunity ahead is only growing as we continue to expand our capabilities on behalf of clients.”
Menendez brings more than 10 years of experience in the region. He joins State Street from Credicorp Capital Chile, where he served as distribution manager, overseeing the distribution of first-class mutual funds, ETFs and alternative asset managers, including State Street’s ETFs for Chile, Colombia and Peru. Prior to that, he held leadership positions at AFP Provida, Celfin and AFP ING of Colombia.
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 $35.7 trillion in assets under custody and/or administration and $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 $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.
