State Street Expands Hedge Fund Services Offering

October 14, 2009 ( - State Street Corporation has added custody, cash management, and foreign exchange services to its suite of front-, middle- and back-office administration services for hedge funds.

The company said the expanded service s offering is in response to growing interest from hedge fund managers seeking to diversify risk by moving more services to global custodians during a challenging market environment. The expanded services include deposit and custody services for cash, as well as securities processing and safekeeping in more than 100 markets worldwide.

In addition, State Street’s hedge fund customers have streamlined access to a range of products such as foreign exchange services, which are available through State Street Global Markets, the company’s investment research and trading arm.

Counterparty risk is a heightened concern among hedge fund managers who are assessing safekeeping options for their c ash and other assets,” said Jack Klinck, executive vice president and global head of State Street’s Alternative Investment Solutions group , in a press release .By combining traditional custody services with our full complement of middle office, fund accounting, fund administration and risk services, we can offer our customers seamless service delivery thro ugh an integrated solution set.”

More information is at .