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 fund administrator, and its partner Deutsche Bank. We go further in our relationship with this joint venture, Tse says. He explains that State Street had considered a tie up with A Brain, but from a...

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