Monday, 27 February 2017
Last updated 39 min ago
Aug 27 2008 | 9:24am ET
State Street Corporation announced yesterday that the firm’s private equity assets under administration have surpassed the $100 billion mark.
“We have been encouraged by the overall growth in our private equity servicing business, despite a slowdown within certain sectors of the industry,” said Jack Klinck, executive vice president and global head of State Street’s Alternative Investment Solutions group.
“Our total assets under administration have grown by approximately 20% since establishing our dedicated service offering, and we look forward to building on this strong foundation,” he added.
The firm established its private equity service offering in 2007, and just this year it has added $14 billion in private equity assets, representing 27 new funds and eight new client relationships.
State Street’s private equity fund services team provides full-service fund administration services to more than 100 private equity and venture capital investment sponsors and fund of fund managers, who manage more than 350 funds domiciled globally.