In Brief: State Street Unit Opens First S. American Office

State Street Global Advisors, the asset management unit of State Street Corp., has opened its first office in South America.

State Street announced in a release that it will use its new Santiago, Chile, office to develop business both in the country and across South America.

The office will also provide specialized financial services, global custody, foreign exchange, cash management, and securities lending to institutional and individual investors who are located in or doing business in South America.

Chile's Provida, a private investment company that manages government pension assets, last year named State Street as investment adviser for the first emerging markets fund to be offered to participants in the system.