State Street is to open a new office in Chile to help the firm serve and support institutional clients in South America, with a focus on custody, fund administration and securities lending.
The firm has appointed Alberto Menendez to lead the Chile office and to serve as sales representative for Chile and Peru.
Menendez is based in Chile and will report to Maria Ximena Vasquez Barbosa, regional sales head for Latin America and Caribbean excluding Brazil.
Menendez joins State Street from Credicorp Capital Chile, where he served as distribution manager, overseeing the distribution of first-class mutual funds, exchange-traded funds (ETFs) and alternative asset managers, including State Street’s ETFs for Chile, Colombia and Peru.
Prior to that, he held leadership positions at AFP Provida, Celfin and AFP ING of Colombia.
The launch of the Chile office marks an important milestone as the firm builds on its ongoing expansion of client capabilities in the region, says State Street.
The office opening in Chile comes a year after State Street’s Brazilian bank began offering foreign exchange capabilities and sales operations.
Marcia Rothschild, head of Latin America and the Caribbean at State Street, says: “We are proud of our growth in Latin America, which continues to be a critical market for the global investment community. 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.”
Menendez adds: “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.”
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