Magazine article American Banker

State Street, Japanese Bank Team Up in Pension Venture

Magazine article American Banker

State Street, Japanese Bank Team Up in Pension Venture

Article excerpt

The investment management arm of State Street Corp. has formed a partnership with a Japanese banking company to offer pension fund services to small and midsize investors in Japan.

The joint venture, which is to start doing business next month, is part of State Street's ongoing effort to saturate the Asian market.

State Street Global Advisors will partner with Tokyo's Chuo Mitsui Trust and Banking Co. to offer investment advisory services geared to passive investors in Japan.

Timothy B. Harbert, president of State Street Global Advisors, said the Boston banking company will provide the venture, Chuo Mitsui State Street Advisors Co., with global index portfolios and investment advice.

State Street already offers investment products to large investors and corporations in Japan. Chuo Mitsui's large presence there "allows us to get our foot further in the door," Mr. Harbert said. "We have focused on the public fund market and the corporate pension plan market, but typically that has been to larger accounts and larger clients. Our challenge is to develop name recognition in the middle level and smaller level of the market."

Chuo Mitsui has $430 billion of assets under trust and has 166 offices in Japan.

State Street has been steadily building in the Far East, Mr. Harbert said. Of the banking company's $6.2 trillion of assets under management, $514 billion is outside the United States. The company also has offices in Hong Kong, Taiwan, Singapore, Thailand, and South Korea. …

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