State Street to Grow Securities Services in Latin America

Transaction will establish a leading asset-servicing platform across Brazil, Mexico and Colombia, expanding custody, fund administration, and banking services for institutional investors

State Street Corporation announced that it has signed an initial agreement to acquire the Santander CACEIS Latam Securities Services joint venture in Brazil, Mexico, and Colombia. The joint venture is owned by the Santander Group and CACEIS, with assets under custody (AUC) of approximately $470 billion and assets under administration (AUA) of approximately $225 billion.

The transaction will augment State Street’s Latin American presence and establish State Street as a leading provider of custody, foreign exchange, and other middle- and back-office services in the region’s three most important institutional investment markets: Brazil, Mexico, and Colombia. Combining State Street’s global platform with established local market presence, regulatory expertise, end-to-end servicing capabilities, and talent across Latin America will significantly expand the firm’s global asset servicing network and strengthen its ability to support institutional investors across some of the world’s fastest growing investment markets.

“Our success in serving the world’s largest and most sophisticated global investors is predicated on our deep local presence and expertise throughout the world. Effectively serving global and regional clients in Brazil, Mexico and Colombia requires this same deep local expertise and presence formula,” said Ron O’Hanley, chairman and chief executive officer of State Street. “This transaction will allow us to better serve our global clients with cross-border and local investment needs in Latin America and strengthen our ability to support investors as they access growth opportunities and manage global investment portfolios, to deliver better outcomes for investors.”

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