Asset Custody News | State Street adds fund services to its custody offerings for customers in Mexico
State Street launched an integrated fund trading solution as well as its custody offering for clients in Mexico.
The initiative will allow State Street to provide increased product and jurisdictional coverage in South America.
The secure online platform will provide access to a range of investment funds in conjunction with Clearstream, through its Vestima platform, providing fund order services through a single point of entry.
The expansion into Mexico will also support connectivity with a wide range of transfer agents to meet unique customer requirements.
Additional product features include a robust infrastructure backed by SWIFT, real-time order status monitoring, customer service team, registration services and account opening assistance by Vestima.
State Street’s first real client in the region is Afore Profuturo, a retirement savings company.
Marcia Rothschild, Head of Latin America for State Street, said, “We are very pleased to announce this new capability for our customers. This business solution is a critical step towards expanding our products and capabilities in Mexico.
Antonio Sibaja, Senior Portfolio Manager at Afore Profuturo, said, “We are delighted to be the first client onboarded to State Street’s new trading platform. The new role will allow us to work more efficiently to provide our clients with a better retirement and a better future.