State Street gives private-fund clients access to crypto services

The move is to be made in partnership with Lukka, a crypto data and software provider

State Street HQ, Australia                                 
State Street's Australian HQ – Photo: Shutterstock

State Street, a financial services provider headquartered in the USA, has announced it will be offering its private-fund clients “digital and cryptocurrency asset fund administration capabilities”.   

This move is to be made in partnership with Lukka, a cryptoasset data and software provider. State Street said it will support its private clients “with collection, standardisation, enrichment, reconciliation, processing and reporting related to crypto and other digital assets”.

Just last month, the financial services provider unveiled the launch of State Street Digital, a division focused on “addressing the industry’s evolving shift to digital finance”. State Street appointed Nadine Chakar to lead the new division.

Ron O’Hanley, chairman and chief executive officer of State Street Corporation, said: “The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years.”

State Street will use Lukka’s product suite

State Street, which led Lukka’s Series C funding round in December 2020, will leverage the cryptoasset data and software provider’s product suite, including a proprietary middle and back-office data management solution that was purpose-built for blockchain and cryptoasset data.

This will allow State Street clients “consume cryptoassets that are comingled within a private client’s traditional alternative investments portfolios.”

State Street leading the charge

Lukka CEO Robert Materazzi said: “State Street is leading the charge to usher in the next generation of fund administration. Large, traditional funds are rapidly looking to add crypto to their offerings, which leads them to ask their existing, trusted service providers such as State Street for fund administration.

“State Street was quick to recognise the importance of building capabilities to support cryptoassets and we are proud to partner with them as funds quickly look to diversify their portfolios.”

Jen Tribush, alternatives lead for State Street, said: “As our clients continue to adopt digital assets, such as crypto, we’ve seen increasing interest among investors for institutional quality middle and back-office offerings that support diversified portfolios.”

State Street operates with $42.6trn in assets under custody and/or $3.9trn in assets under management as of 30 June 2021.

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Further reading: State Street launches digital finance division focused on crypto

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