State Street Corp. and Mediolanum SpA, an Italian insurance company, have set up a joint venture to manage and administer pension funds in Italy.

The venture is one in a series of deals that State Street has entered to expand its international operations. This month the Boston-based bank announced similar arrangements with banks and investment companies in China and South Africa.

The new joint venture, which will be known as Mediolanum State Street, hopes to command 5% to 7% of the Italian pension fund market. This year Italy approved legislation authorizing the creation of large-scale pension funds serving individual industrial and corporate sectors.

Mediolanum announced that the joint venture has put in a bid to manage the pension fund for employees in the Italian chemical industry and will submit similar bids for other pension funds.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.