State Street expands Melbourne office

State Street Corporation has announced a significant expansion of its Melbourne office, recognising the number of superannuation funds located in the Victorian capital.

The company's expanded Collins Street office was opened by State Street chairman and chief executive, Joseph L. Hooley who said it represented a key milestone in growing its business in Melbourne and Australia more broadly.

The opening follows State Street's appointment last June as custodian and administrator for Victorian Funds Management Corporation (VFMC).

VFMC will be one of State Street's largest asset management clients in the Asia Pacific region and will begin transitioning its assets to State Street in the second quarter of this year.

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State Street head of global Services, Australia and New Zealand, Paul Khoury said the office underlined State Street's commitment to providing VFMC with custody, administration, performance and analytics and middle office services.

"We've had a number of business development and relationship management employees based in Melbourne but have typically serviced Melbourne clients from Sydney," he said. "This expanded office allows us to be closer to our Melbourne-based clients and will house a variety of relationship management and client service roles, spanning a range of functions."