State Street toots custody client conversions

Its next ambition is to provide back-office services for regional fund managers.

State Street is broadcasting its pleasure at a successful client conversion process in the Asia-Pacific region from its $1.5 billion acquisition of Deutsche Bank's global custody business from February, 2003.

It says it has retained virtually the entire book it acquired, including Hong Kong Baptist University, Hong Kong Jockey Club, a top Japanese insurance company and two fund management houses, Deutsche Asset Management and UOB Asset Management. Its first client conversion, Hong Kong Electric, made the commitment in May last year. The business covers not just custody but fund accounting and performance measurement.

Deutsche's global custody business had amounted to $2.2 trillion in assets that firm still...

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