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July 2011
Since arriving in Sydney in the mid-1980s, the global financial services firm State Street has watched the Australian financial services sector evolve to become one of the most dynamic and fastest growing markets in the world and its Sydney operation become a strong regional hub and centre of excellence.
With nearly 30,000 employees in 26 countries, Boston-based State Street is one of the worlds largest and most sophisticated financial services organisations. It offers a full range of institutional financial services and products through its global networks, and each day approximately 15 per cent of the worlds tradeable securities pass through its systems. The company entered the Australian market in 1986 when it opened an office of its State Street Global Services business, providing global custody services to Australian clients. According to Mr Ian Martin, senior vice president, head of State Street Global Services for South East Asia and Pacific and head of Global Markets for Australia and New Zealand, the companys entry into Australia was spurred by the countrys growing investment market. Australian investment management firms and pension funds were recognising the need to outsource their custody and fund administration roles, Martin says. We realised that we had the opportunity to provide some of those services here. And we performed well quickly with a relatively new type of business structure. Seeking further success, State Streets two other operating divisions soon followed. The rapid growth in Australian investment activity in the late 1980s led State Street to open an Australian office of its investment management business, State Street Global Advisors. This division was significantly boosted by the introduction of compulsory superannuation for Australian workers from 1992 and the resulting explosive growth in Australias superannuation assets. The opening of the Australian banking market in the early 1990s saw State Street become the first American bank to be granted a licence to open a full bank branch in Australia in 1994. State Street Bank & Trusts business continues to offer services such as
State Streets new Sydney premises.
The Australian marketplace is home to very sophisticated clients. We have to match that level of sophistication in terms of the type of servicing requirements that we have, and thats helped drive our business all around the world.
Ian Martin, senior vice president, head of State Street Global Services for South East Asia and Pacific and head of Global Markets for Australia and New Zealand
foreign exchange, trading, securities lending, portfolio solutions, transition management and a broad suite of electronic trading capabilities. Martin says Australias robust economy, democratic systems and its mature legal and regulatory frameworks make it a very good place to do business. So too does the strength and sophistication of Australias financial services sector.
The Australian marketplace is home to very sophisticated clients. We have to match that level of sophistication in terms of the type of servicing requirements that we have, and thats helped drive our business all around the world. Local capabilities have also translated into specific products for international markets, taking expertise developed in Australia to the rest of the world. Australia has a highly educated workforce. Weve learnt a lot here in this market and this has been translated in some of the things that we have done elsewhere. Weve built capabilities around capital gains tax which we have been able to leverage in other regimes. So the Australian business is certainly a good hub for innovation for the organisation, says Martin.
About Austrade
The Australian Trade Commission Austrade is the Australian Governments trade and investment development agency. Through Austrades global network we assist Australian companies to succeed in international business and attract productive inward investment into Australia.