Boston-based investment management firm State Street Corporation says it will open a new office in Shanghai under its Alternative Investment Solutions (AIS) business, which focuses on real estate and private equity, according to a company announcement.
The new office will also support State Street’s strategic hedge fund clients.
"We believe our approach to providing integrated investment servicing solutions is well-suited to China’s growing market, where domestic institutional investors have become more sophisticated and are gaining more exposure abroad," says Carol Hall, senior managing director of State Street’s AIS team.
"These investors are looking for foreign partners with global capabilities combined with local knowledge and expertise," adds Hall.
State Street opened its first Asia Pacific regional office in Hong Kong in 1982. It now has presence in eight cities throughout the region.
In 2005, State Street established a technology center in Hangzhou following a four-year partnership with Zhejiang University.
Separately, HSBC Group says it opened its Shanghai sub-branch in the free trade zone in the city, focusing initially on servicing corporate customers with cross-border financial needs.