State Street, KEB sign JV

The global trust and custodian bank seeks fund administration business in Korea.

State Street signed a joint venture agreement with Korea Exchange Bank KEB yesterday Wednesday to establish a joint venture for the domestic fund administration business. KK Tse, Asia managing director at State Streets global investor services group in Hong Kong says that the deal is an outgrowth of a recent law in South Korea requiring mutual fund companies to outsource administration.

State Street and KEB will be taking on an existing strategic alliance between A Brain, an independent...

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