State Street Opens Trust Unit in Japan

State Street Boston Corp. opened a Tokyo-based trust bank, State Street Trust and Banking Co.

The subsidiary which will provide custody and investment management services for pension funds and other trusts in Japan, has about $25 million in assets and $2.9 billion in assets under custody.

The bank is one of nine foreign-owned trust banks in Japan. Charles J. Allard is chairman and Eiji Watanabe president.

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