State Street Corporation has been selected to carry out custody and fund order services for Chile-based insurance company, Confuturo. The partnership is expected to boost State Street’s overall growth in Latin America over the course of the next few years, according to Business Wire.
“We are very pleased to announce this mandate with Confuturo, as it continues our firm’s growth and momentum in Chile and more broadly across Latin America,” María Ximena Vásquez Barbosa, Regional sales head - Latin America & The Caribbean for State Street told Business Wire.
Serving as one of Chile’s largest annuities providers, Confuturo specializes in health, temporary life and travel insurance, as well as pensioned consumer credit solutions. Through its collaboration with State Street, it will benefit from the global custodian’s catalog of custody and financial services to institutional investors, including investment servicing, investment management and investment research and trading. Specifically, State Street assists its clients with safekeeping and settlements, corporate actions, proxy services network management, cash management and real-time reporting, according to Business Wire.
This latest partnership follows State Street’s global custody mandate with Bladex. Last year, it established a new office in Chile to help the firm fulfill the needs of institutional clients in the region. The company also launched an integrated fund trading solution, as well as a custody offering for clients in Mexico, Business Wire said.
In addition, the firm’s Brazilian bank, Banco Comercial, has launched a full full foreign exchange (FX) trading and sales offering, Business Wire announced.
With $37.6 trillion in assets under custody and/or administration and $3.6 trillion in assets, State Street has established a presence in more than 100 geographic markets. The company is supported by 43,000 employees worldwide, according to Business Wire.
"We look forward to partnering with Confuturo to help their team generate and sustain growth to meet their investment objectives and allow them to focus on their core management and operational responsibilities,” Alberto Menendez, Head of State Street Chile told Business Wire.