September 2016: State Street

FDI of the Month | Tue 4 Oct | Author – Business & Finance state street september fdi
Pictured (L-R): Susan Dargan, An Taoiseach Enda Kenny and Jay Hooley mark the 20th year of business for State Street in Ireland

September was a celebratory one for financial services giant State Street as the company reached the 20th anniversary of its arrival into the Irish market.

State Street is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading.

With $28tn in assets under custody and administration and $2tn in assets under management as of June 30th, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia.

Joseph L Hooley, chairman and CEO of State Street Corporation, visited Dublin to mark the 20th year of business for State Street in Ireland. Hooley hosted a reception for clients, business partners and community leaders at the company’s Ireland headquarters in Dublin’s docklands.

Over the past decade, Boston-based State Street has almost doubled its Irish workforce and employs more than 2,500 people in Dublin, Naas, Drogheda and Kilkenny.

FINTECH AGENDA

Hooley, who marks 30 years with State Street this year, also met with employees and industry stakeholders to celebrate two decades of continuing growth and to signal the company’s ongoing commitment to the Irish market.

Commenting from State Street’s offices in Sir John Rogerson’s Quay, Hooley said: “Ireland has been a key location for us for the past two decades, and we have steadily expanded our presence and global capabilities here. We see Ireland as a country of innovative and effective problem-solvers, and we’re impressed by the expertise and capabilities the local team has built here.”

He continued: “We are also pleased that Dublin has become a global centre of excellence for Global Exchange, State Street’s data and analytics business. A large majority of our global client base is now serviced here. This together with our collaboration with universities in Ireland and China reflects State Street’s innovation agenda that has been partly inspired by the dynamism of Ireland’s fintech start-ups, many of which we have been pleased to support.”

Susan Dargan, head of State Street Global Services Offshore in EMEA, added: “We are fortunate to operate in a favourable business environment with an incredibly committed and talented staff and with a very positive outlook for the future. It is also pleasing that so many of our employees invest their personal time to support communities and good causes in Dublin, Naas, Drogheda and Kilkenny. In recognition of this contribution, State Street has developed a dedicated corporate giving programme that has contributed to local corporate giving initiatives over the past 10 years.”

It is also pleasing that so many of our employees invest their personal time to support communities and good causes in Dublin, Naas, Drogheda and Kilkenny

An Taoiseach Enda Kenny TD attended the 20th year celebration. He commented: “I am hugely impressed by State Street’s ongoing commitment to Ireland including their collaboration with our academic institutions, their graduate intake programmes around the country, and their support for the Irish fintech agenda. I congratulate State Street and their employees in Dublin, Naas, Drogheda and Kilkenny on 20 years of growth and progress in Ireland, and I wish State Street every success for the future.”

Earlier this year, State Street announced that it had agreed to acquire GE Asset Management (GEAM), a leading asset manager, from GE. The transaction is expected to increase State Street Global Advisors’ assets under management by approximately $100bn upon closing and add new alternatives capabilities, while strengthening existing fundamental equity and active fixed income teams.

Under the agreement, State Street will acquire GEAM in a cash transaction with a total purchase price of up to $485m, subject to adjustments.

Head of Irish operations

Susan Dargan is head of State Street Global Services Offshore at State Street, having previously served as chief operating officer.

Her career has also encompassed roles at Bank of Ireland Securities Services, Mitsubishi Bank, Northern Trust Company and AIB.