In Brief: State Street to Broaden Business in Switzerland

State Street Corp., the Boston-based asset management and custody bank, plans to expand in Switzerland.

David Spina, State Street's president and chief operating officer, said his bank plans to expand business with institutional clients, including multinational firms and Swiss government agencies with large pension funds to manage, as well as "sophisticated" global investors.

He also noted that there were ample opportunities for State Street to provide outsourcing services to banks and other institutions in Switzerland with large assets under management.

"It wasn't clear to us until recently with the developments toward outsourcing as to how big a role we could play in this marketplace," Mr. Spina said in a statement.

"Now we are quite convinced with our special capabilities there is more opportunity."

State Street recently announced it will open a representative office in Zurich and a London-based bank to run its European operations before the introduction of a single currency by the European Union next year. However, the Swiss operation will be run separately since Switzerland is not part of the E.U.