State Street Announces New Capability to Support Fund Order Services in Mexico
State Street Corporation (NYSE: STT) announced today that it has launched an integrated fund trading solution along with its custody offering for clients in Mexico. The secure online platform will allow for access to a broad range of investment funds in collaboration with Clearstream (Vestima®) providing fund order services through a single-entry point.
Our fund order services offering will support connectivity with a wide range of transfer agents to meet clients’ unique requirements, including the ability to manage both segregated and omnibus accounts. It will also allow State Street Bank to secure expansive product and jurisdictional coverage across Latin America (LATAM).
“We are very pleased to announce this new capability for our clients,” said Marcia Rothschild, head of Latin America for State Street. “This trading solution is a critical step towards further expanding our products and capabilities in Mexico.”
Additional product features include a robust infrastructure underpinned by SWIFT, real-time monitoring of order status, a dedicated client service team and registration services and account opening support by Vestima®.
State Street’s first live client in the region is Afore Profuturo.
“We are delighted to be the first client onboarded to State Street’s new trading platform,” said Antonio Sibaja from Profuturo Afore. “The new function will allow us to work more efficiently to give our clients a better pension and a better future.”
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 $43.7 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 30, 2021 includes approximately $61 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.
About Profuturo
Profuturo is a 100% Mexican company belonging to Grupo Bal, specialized in managing retirement savings funds for Mexican workers and has more than six million clients. Profuturo has been managing the retirement of workers in the country for more than 25 years. The company was recognized for the third consecutive year as the Best Pension Administrator in Mexico by the specialized publication International Finance, and received the silver medal, the highest rating among the Afores by the company Morningstar. Likewise, the company signed an agreement with the CFA Global Institute to certify its entire investment and risk team in environmental, social, and corporate governance (ESG) criteria.
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State Street Corp. Stock
We see a rather positive sentiment for State Street Corp. with 10 Buy predictions and 2 Sell predictions.
With a target price of 82 € there is a slightly positive potential of 4.07% for State Street Corp. compared to the current price of 78.79 €.