State Street, an US-based provider of financial services to institutional investors, has added custody, cash management and foreign exchange services to its suite of front-, middle- and back-office administration services for hedge funds. The addition of services is to meet the growing interest from hedge fund managers seeking to diversify risk by moving more services to global custodians during a challenging market environment.
Reportedly, State Street’s expanded services for hedge funds also include deposit and custody services for cash, as well as securities processing and safekeeping in more than 100 markets worldwide. In addition, State Street’s hedge fund customers have streamlined access to a range of products such as foreign exchange services, which are available through State Street Global Markets, the company’s investment research and trading arm.
Jack Klinck, executive vice president and global head of alternative investment solutions group at State Street, said: “Counterparty risk is a heightened concern among hedge fund managers who are assessing safekeeping options for their cash and other assets. By combining traditional custody services with our full complement of middle office, fund accounting, fund administration and risk services, we can offer our customers seamless service delivery through an integrated solution set.”
