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State Street Granted Jersey Banking License

Friday, March 30, 2012

The Jersey Financial Services Commission has newly granted State Street Corporation, one of the world's leading providers of financial services to institutional investors, a license to expand its offerings to include Jersey-based banking.

The license will permit State Street to provide banking services from Jersey to complement the fund administration services it currently offers in Europe. State Street, which already employs 400 people on the island, is the first Boston-headquartered bank to hold such a license in Jersey.

Phil McGowan, Senior Managing Director of State Street's private equity, real estate and corporate services business in Europe, the Middle East and Africa commented: “Offering banking services from Jersey is an important component of our value proposition for institutional clients. It is gratifying to increase our commitment to the island by extending our solutions to include these additional services.”

State Street Corporation's areas of expertise include investment servicing, investment management, investment research and trading. With USD21.8 trillion in assets under custody and administration and USD1.9 trillion in assets under management, State Street has operations in 29 countries and more than 100 geographic markets.