US financial giant to open Nordic office in Copenhagen

State Street wants to establish stronger presence in the Nordic market

US investment giant State Street has chosen to locate its Nordic office in Copenhagen, reports Børsen.

State Street is the world’s third largest asset manager and the world’s second largest custodian.

The bank currently holds assets of a total value of 190,000 billion kroner.

Big potential
“We have been operating in the Nordic countries for 20 years and we already have several customers in the market, but we have never had a local presence,” said Oliver Berger, the head of State Street’s solutions for shareholders in Europe, Middle East and Africa.

According to Berger, there is huge potential for State Street in the Nordic market as the total savings in the Nordic countries amount to 9,442 billion kroner.

As one of the world’s largest managers of private equity funds, State Street could create an anonymous private equity index based on customer data and leverage it against its biggest competitors such as Danske Bank, Nordea and SEB, noted Berger.

State Street was founded in 1792 and is the second oldest financial institution in the United States.