State Street opens Shanghai office

State Street Corp has opened an office in Shanghai to support clients in the private equity, real estate and hedge fund industries, according to a statement from the firm.

“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,” said Carol Hall, senior managing director of State Street’s alternatives team, in the statement.

“These investors are looking for foreign partners with global capabilities combined with local knowledge and expertise.”

State Street’s team in Shanghai will report to Eric Chow, head of relationship management for State Street’s alternatives business in Asia Pacific.

Chow added: “We expect the growth of China’s foreign reserves and the increasing appeal of global asset allocation will support our growth plans.”

State Street Corporation provides financial services to institutional investors including investment servicing, investment management and investment research and trading. At the end of 2013, it had $2.3 trillion in assets under management, according to the firm.