State Street finalises takeover

FINANCIAL services company State Street has acquired Investors Financial Services, bringing its number of employees in Ireland to 2,000.

William Slattery, executive vice president and country head of State Street Ireland, said the company has experienced huge growth in the past year with assets under administration up by $80 billion (€58.7bn) or 50% since last June.

“We believe this acquisition will underpin continued and sustainable growth and enhance services to our mutual clients.

“I would like to take this opportunity to welcome our new State Street colleagues.

I believe that there is much we can learn from each other as the process of integration moves forward and that our combined strength will further confirm State Street’s leading position in the Irish market, while also providing increased opportunities for staff all across the operation,” Mr Slattery added.

Irish employees now account for 8% of State Street’s global workforce.

Under the terms of the transaction, Investors Financial Services shareholders receive 0.906 shares of State Street common stock for each share of Investors Financial Services’ common stock held at closing.

To complete the transaction, State Street issued around 61 million common shares worth around $4.2bn.

State Street chairman and chief executive Ronald Logue said: “State Street and Investors Financial have invested resources and talent into expanding capabilities beyond basic custody to focus on key value-added services.

“Our mutual commitment to excellence, combined with an expanded portfolio of services across a global platform, will provide customers with an investment servicing partner that is unique in the industry.”

State Street International (Ireland) has operations in Dublin and Kilkenny and provide services such as custody, trustee, accounting, administration and transfer agency services.