State Street Corporation recently opened a new office in Chile to better serve the needs of institutional clients in Latin America in need of custody, fund administration and securities lending services, a press release reported.
In light of the expansion, the firm has appointed Alberto Menendez to oversee the new venture as sales representative for Chile and Peru. Menendez is set to report to regional sales heads for Latam and Caribbean (excluding Brazil), Maria Ximena Vasquez Barbosa.
“We are proud of our growth in Latin America, which continues to be a critical market for the global investment community,” Marcia Rothschild, State Street’s head of Latin America and The Caribbean, said. “With our new office, State Street is even better positioned to serve our clients, globally and locally, as they navigate the evolving challenges of investing in emerging markets.”
The launch reflects the company’s objective to leverage its operations in the region. It follows the company’s Brazilian bank 2021 launch of foreign exchange capabilities and sales offerings.
“I am excited to lead this new office and help State Street accelerate its growth plans in Chile, Peru and other Latin American countries,” Menendez said. “State Street has brought market leading solutions and unprecedented scale to the region, and the opportunity ahead is only growing as we continue to expand our capabilities on behalf of clients.”
Under his new role, Menendez will contribute more than a decade of experience. He previously served as distribution manager at Credicorp Capital Chile. He also worked for AFP Provida, Celfin and AFP ING of Colombia.