State Street has set up two new operational offices in Milan and Turin, Fundamentals reports. The firm opened the new offices as part of its combination efforts for the Intesa Sanpaolo securities servicing business in Italy and Luxembourg.
State Street acquired Intesa’s business in May 2010 and added €369 billion in assets under custody and 529 employees in Milan, Turin and Luxembourg. The derivative processing and valuation units have been integrated and value-added products, such as collateral management, have been launched.
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