State Street opens new Offices in Bengaluru, Hyderabad

State Street Corporation, NYSE-listed company which provides financial services to institutional investors, on Tuesday  announced the opening of an expanded facility in Bengaluru and a new center of excellence in Hyderabad.

State Street currently has 2800 employees in India based in offices in Bengaluru, Mumbai and Hyderabad. Over the next 12 months the company will expand its existing facility in Bengaluru and build out a new center in Hyderabad.

State Street's chairman and chief executive officer  Jay Hooley,  who was in India to officially open the new offices, said, "We first established a presence in India 10 years ago and today it is a key component of our center of excellence network."

He said the network gives the company the coverage necessary to deliver services to clients more effectively and efficiently. "Adopting a 'follow-the-sun' model enables us to take advantage of time zone differences to optimize workflows and deliver more timely services to our clients," said  Hooley.

The company provides financial services to institutional investors, including investment servicing, investment management and investment research and trading.

With $32.1 trillion in assets under administration and $2.67 trillion in assets under management as of September 30, 2017, State Street operates in more than 100 geographic markets worldwide.

State Street Senior Vice President and India country Head Michael Brager said with this expansion the company will tap into India's deep pools of talent and high-caliber graduate population.

"These offices will create new employment as well as additional career opportunities for our existing employees across a range of management and technical positions," said Brager.

State Street's offices in India currently support a number of business units across the company in functions such as technology, corporate finance, fund accounting, transaction services, reporting and reconciliations.