State Street Corp. is beefing up its business in Connecticut and Florida. The Boston banking company plans to open an office in Naples, Fla., by yearend, said Dirk R. Dreux 4th, president of its State Street Bank and Trust Company of Connecticut unit. It would be the company's first move into the state.

State Street Connecticut also announced this week it has hired Robert J. O'Donnell as vice president in its three-month-old Greenwich office.

Mr. O'Donnell joins State Street from Trace Capital Management, a hedge fund manager in New York, where he was senior executive manager of investor relations. In his new role, he is expected to bring on new private clients.

"He knows what it means to work with the high-net-worth market," said Mr. Dreux. "He's an established veteran and brings a lot to our efforts."

The hiring of Mr. O'Donnell brought the professional staff of the Greenwich office to four. Mr. Dreux said State Street was impressed by Mr. O'Donnell's overall experience.

"At this point his focus is going to be on State Street products; whether there is a hedge fund in the offing I won't comment," he said. "That certainly is a talent that he brings."

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