State Street Corporation has finalised the transfer of Mizuho Financial Group’s global custody and related businesses outside Japan, strengthening its footprint in key international markets.
State Street Completes Transfer of Mizuho’s Global Custody Business
The deal, first announced in February, includes Mizuho’s offshore securities services, such as global custody, cross-border fund servicing in Cayman, the Bahamas and Luxembourg, a European securities agency business, and U.S.-based sub-custodian and securities lending services.
The businesses, previously managed through Mizuho Trust & Banking (Luxembourg) S.A. and Mizuho Bank (USA), represent around $580 billion in assets under custody and $24 billion in assets under administration.
“Since we announced the transaction in February this year, we have been collaborating very closely with our colleagues of Mizuho in analysing their offshore securities servicing model to ensure a seamless transition for Mizuho’s clients,” said Joerg Ambrosius, president of Investment Services at State Street.
He added that the move reinforces State Street’s commitment to Japan and Luxembourg, and helps to “further our growth ambitions in these important markets.”
Mizuho said the transfer will allow its clients to benefit from State Street’s global scale and servicing capabilities.
“We believe State Street’s global scale and capabilities will continue to support our clients’ offshore investments,” said Tsutomu Yamamoto, senior managing executive officer at Mizuho.
Mizuho, one of Japan’s largest financial institutions, will continue to provide trust and custody services for domestic assets while collaborating with State Street on global services.
State Street has operated in Japan for more than 35 years, employing over 500 people, and has a similarly long presence in Luxembourg.
