State Street moving up the food chain

State Street is at a crossroads. KK Tse, the bank''s chief in Asia, maps out the new world custodians face in the region.

To most investors, the name State Street means settlement and safekeeping. But KK Tse, managing director of State Street Bank and Trust in Asia, thinks that idea is dated. Now, it's not even a custodian bank.

Q So what has changed

A We became the custodian to the first mutual fund in the States in 1924. In the '70s, we decided to develop custodian and money management businesses. For the new century, State Street is focusing on the institutional investor segment. Some people think that custodians are only responsible for settlement and safekeeping. Some think we also cover fund accounting and administration. I think when time moves on things become blurred....

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