State Street Corporation (NYSE: STT) has partnered with AZ Quest, an asset management firm headquartered in Sao Paulo, Brazil. In this collaboration, the financial giant will offer a suite of services, including fund accounting, fund administration, and investor servicing for the AZ Quest.

Strengthening Global Presence

The partnership highlights State Street's commitment to bolstering its presence in Latin America. The company provides financial services to institutional investors. As of December 31, 2023, it had assets under management worth $4.1 trillion.

Marcia Rothschild, State Street's Head of Latin America, mentioned: "We are pleased to announce this relationship with AZ Quest as we continue to expand our capabilities across the region, furthering our goal of supporting leading institutional clients throughout Latin America. We look forward to working with AZ Quest to help generate and sustain growth to meet their investment objectives."

State Street Appointed to Provide Investment Services to AZ Quest, Further Expanding Presence in Latin America https://t.co/VOcby3TTLm pic.twitter.com/zd4HN5b691

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In January, State Street Corporation concluded its acquisition of CF Global Trading, a London-based firm specializing in outsourced trading across various asset classes. This acquisition marked the culmination of nearly a year of negotiations. Although the financial terms of the deal remain undisclosed, State Street aims to bolster its trading solutions globally through this move.

By integrating CF Global Trading's operations with its existing outsourced trading desks in the Americas and Asia Pacific regions, State Street seeks to provide front-to-back trading solutions via its Alpha platform.

State Street Expands Global Trading Solutions

The acquisition process, which was initially announced in March 2023, experienced a delay due to pending conditions. However, with the finalization of the deal, Scott Chace, the CEO of CF Global Trading, expressed enthusiasm about the opportunities that joining State Street brings. He emphasized the potential for further growth and expansion of CF Global Trading's outsourced trading platform and client base under State Street's leadership.

Besides this, State Street has taken steps to enhance its competitiveness in the ETF market. Recently, State Street Global Advisors announced a significant reduction in fees across nearly half of its SPDR Portfolio ETF lineup, totaling over $77 billion in assets.

According to the firm, the reduction in fees aims to make these ETFs more accessible to investors and reinforce State Street's commitment to providing value to its clients.