State Street Launches New Division Dedicated to Digital Finance
State Street Corporation (NYSE: STT) today announced that it has launched a new division focused on addressing the industry’s evolving shift to digital finance. The new division, State Street Digital, will be led by Nadine Chakar, three-decade industry veteran and executive vice president. Chakar will report to Lou Maiuri, chief operating officer of State Street Corporation.
“The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years,” said Ron O’Hanley, chairman and chief executive officer of State Street Corporation. “Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.”
The new division will build on State Street’s current digital capabilities and will expand to include crypto, central bank digital currency, blockchain, and tokenization. Our proprietary GlobalLink technology platform will be an integral component of State Street Digital and will be enhanced into a digital multi-asset platform. The objective is to evolve the platform into a multi-asset platform to support crypto assets among other asset classes. The aim will also be to support our peer-to-peer ambitions by creating new liquidity venues for our clients and investors worldwide.
“We have been developing a number of digital capabilities and other solutions as well as partnering and investing in the infrastructure that forms the foundation of State Street Digital,” said Chakar. “State Street has a major role to play in the evolution of digital market infrastructure and this new division will help us bring our expertise and resources to the conversation. As digital currencies and tokenization not only gain momentum, but transform financial infrastructure and operating models, we can help our clients bridge the gap between the industry of today and the one of tomorrow.”
Today’s announcement builds on State Street’s long history of innovation and strong foundation within the digital servicing space. In 2019, the company launched State Street AlphaSM, the industry’s first front-to-back offering based on the principles of openness and interoperability. In April of this year, State Street announced that it was appointed as the administrator of a planned bitcoin backed exchange traded note (ETN) initiated by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH. The ETN will be listed on the Frankfurt Stock Exchange, following the approval by the German Securities Regulator (BaFin). Separately in March, State Street announced that it was appointed as the fund administrator and transfer agent of the VanEck Bitcoin Trust (‘The Trust’) a new bitcoin exchange-traded fund (ETF) that is currently pending approval by the US Securities and Exchange Commission (SEC).
Tony Bisegna, global head of portfolio solutions, FX sales and trading, and research for State Street Global Markets, will become our head of Global Markets effective September 1, 2021. Bisegna’s appointment is part of our ongoing succession planning.
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 $40.3 trillion in assets under custody and/or administration and $3.6 trillion* in assets under management as of March 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 March 31, 2021 includes approximately $60 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.
Forward Looking Statements
This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our newly launched division focused on addressing the industry’s evolving shift to digital finance, State Street Digital, and related matters, including industry and economic trends. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “will,” “trend,” “objective,” “aim,” “strategy,” “goal,” “expect,” “priority,” “intend,” “plan,” “believe,” “anticipate,” “estimate,” “seek,” and “may” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements. Important factors that may affect future results and outcomes include, but are not limited to, those factors set forth in our 2020 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
+1 404 213 3106
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
EIG-Led Consortium Closes $12.4 Billion Infrastructure Deal with Aramco18.6.2021 22:02:00 EEST | Press release
EIG, a leading institutional investor to the global energy sector and one of the world’s leading infrastructure investors, today announced the closing of its previously announced transaction with Saudi Arabian Oil Co. (“Aramco”), under which a consortium of investors acquired a 49% equity stake in Aramco Oil Pipelines Company (“Aramco Oil Pipelines”), a newly formed entity with rights to 25 years of tariff payments for oil transported through Aramco’s stabilized crude oil pipeline network. The EIG-led co-investment process in Aramco Oil Pipelines attracted a global group of leading institutional investors from China, the Kingdom of Saudi Arabia, Korea, the United Arab Emirates and the United States including, amongst others, Mubadala Investment Company, an Abu Dhabi Sovereign Investor, Silk Road Fund, Hassana and Samsung Asset Management. R. Blair Thomas, EIG Chairman and CEO, said: “We are pleased to have completed this transaction with Aramco, a preeminent global energy supplier. The
Moody's ESG Solutions: V.E provides Second Party Opinion on Desjardins’ Sustainable Bond Framework18.6.2021 19:13:00 EEST | Press release
Moody's ESG Solutions announced today that V.E has provided a Second Party Opinion (SPO) on Desjardins’ Sustainable Bond Framework. The framework will be used to finance and refinance projects tied to eight environmental categories and three social categories, including Renewable Energy, Green Buildings, and Affordable Housing. In V.E’s opinion, the framework is aligned with the four core components of the Green Bond Principles (2018) and the Social Bond Principles (2020). “In our assessment, the bonds issued via this framework will provide an ‘advanced’ contribution to sustainability objectives, as we see significant and consistent evidence that the proceeds will be allocated to environmentally and socially focused projects throughout Canada and several emerging markets,” said Patrick Mispagel, Managing Director – Sustainable Finance at Moody’s ESG Solutions. “We expect to see growth in sustainability efforts in North America in order to meet increasing global regulatory requirements
Sale of Retail Banking Business in France18.6.2021 16:30:00 EEST | Press release
HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. Commenting on the Potential Transaction, Jean Beunardeau, HBCE CEO said: “This potential transaction is an important step towards achieving our strategic goal of being a leading wholesale bank in Continental Europe for Corporate and Investment Banking, Markets and Private Banking, anchored in Paris, connecting our customers to HSBC’s global network, and providing access to Continental Europe for HSBC’s customers around the world. As importantly, this potential transaction would allow HSBC’s French retail banking business to be sold to an expe
Potential sale of HSBC SFH (France): Signing of a Memorandum of Understanding18.6.2021 16:30:00 EEST | Press release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. The potential sale includes: HBCE’s French retail banking business; the Crédit Commercial de France (‘CCF’) brand; and, subject to the satisfaction of relevant conditions, HBCE’s 3% ownership interest in Crédit Logement, its 100% ownership interest in HSBC SFH (France) (‘HSFH’), and the transfer of rights and obligatio
UFC® Names Lumen® the Official Metabolic Tracker of the UFC Performance Institute18.6.2021 16:30:00 EEST | Press release
UFC ® , the world’s premier mixed martial arts organization, has named Lumen® the Official Metabolic Tracker of the UFC Performance Institute®. To launch the new partnership, select UFC athletes will be using Lumen as a tool to optimize their performance under the guidance of the nutrition team at the UFC Performance Institute (UFC PI). These athletes will have access to real-time metabolic data to help improve their nutrition, performance, and body composition through optimizing their metabolic health and flexibility. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005278/en/ Dustin Poirier and Lumen (Photo: Business Wire) “The UFC PI strives to support athletes in fueling their body to achieve championship performances while also maintaining optimal health, all while meeting the weight management demands of mixed martial arts,” said Clint Wattenberg, UFC PI Director of Performance Nutrition. “Metabolic health and meta
Hilton Doubles Down on Las Vegas Growth with Rapidly Expanding Portfolio and Grand Return to the Strip18.6.2021 16:07:00 EEST | Press release
After revolutionizing the Las Vegas hospitality experience decades ago, Hilton is building on its storied legacy in time for the return to travel by almost doubling its presence in the sought-after global destination over the past three years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005335/en/ Resorts World Las Vegas – Exterior (Photo: Business Wire) The company is slated to have more than 30 hotels and over 11,000 rooms across 12 brands in the market by the end of 2021. On the heels of Virgin Hotels Las Vegas, Curio Collection by Hilton’s June opening celebration, and just weeks before the anticipated debut of Conrad Hotels & Resorts, LXR Hotels & Resorts and Hilton Hotels & Resorts at the integrated Resorts World Las Vegas complex, Hilton is making an epic return to this top-tier travel destination, bringing new premium and luxury brands to the Strip. “Hilton helped create the Las Vegas we know today – the ent
Toshiba's Chairperson of the Board of Directors Issues Open Letter to Its Shareholders18.6.2021 12:06:00 EEST | Press release
Toshiba Corporation (TOKYO:6502) today announced that Osamu Nagayama, Chairperson of Toshiba’s Board of Directors, has issued an open letter to the company's shareholders. The full text of the letter is as follows: Dear Shareholders As the Chairperson of the Board of Directors of Toshiba Corporation ("Toshiba", the "Company"), I would like to express my deep regret regarding recent unacceptable events at the Company which have eroded your trust in us. You would have seen that we have already taken decisive and immediate action following the release of the Investigation Report, amending the slate of nominees for directors, committee members and executive officers ahead of the upcoming AGM on June 25. I, together with the Board, am fully committed to ensuring we improve your Company's governance fundamentally and enhance its corporate value. United, we shall be taking the following concrete steps with urgency: In order to stop recurrence, we will conduct an inquiry, with third party part
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom