State Street Boston Corp. is upgrading and expanding its international asset management operations.
Nicholas Lopardo, chairman and chief executive of State Street Global Advisors, the asset management unit, said the Boston-based bank and trust company will this year convert its Hong Kong asset management sales and service office into a full-fledged investment center. He added that the bank is considering a similar move in Germany; it currently runs a sales office in Munich.
In a separate but related move to expand international operations, State Street recently set up a holding company-style unit-State Street Global Alliance-to develop joint ventures in asset management around the world.
The company's first joint venture, European Direct Capital Management, has just opened in Prague. State Street owns 60% of the venture, and the remainder is held by Czech investors.
Mr. Lopardo said the Czech joint venture will handle direct private equity investments in central and eastern Europe on behalf of institutional clients and will also package some limited partnerships for high-net-worth customers.