State Street Corporation (NYSE:STT), the world’s leading provider of financial services to institutional investors, today announced the appointment of John (Jack) L. Klinck, Jr. to a newly created role as executive vice president and head of Global Investment Product Services. Klinck, who will report to Jay Hooley, executive vice president and head of Investment Servicing and Investment Research and Trading for State Street, will be responsible for the strategic direction, global sales and product structuring of the company’s hedge and offshore fund servicing capabilities worldwide.
State Street provides a complete set of servicing and management solutions for hedge funds including recordkeeping, fund accounting, valuation, risk management and regulatory reporting. In 2002, State Street acquired International Fund Services (IFS), a leading provider of fund accounting and administration as well as trade support and middle office services for alternative investment portfolios. Since then, State Street's hedge fund assets under administration have more than quadrupled and the company is consistently ranked No. 1 for service in leading industry surveys. As the world's number one offshore fund servicer, State Street has a presence in all major jurisdictions including Dublin, Luxembourg, Jersey, Guernsey, Toronto, Tokyo, Hong Kong and the Cayman Islands, providing core investment servicing capabilities in support of customers' global products.
"Hedge and offshore fund servicing continue to be major strategic priorities for State Street," said Hooley. "We've seen significant growth globally across these capabilities given increasing customer demand for our industry leading range of services and solutions, which includes IFS, leading edge technology and servicing centers in all major offshore domiciles including Dublin, Luxembourg and the Cayman and Channel Islands. Having Jack on board now to lead the expansion and continued innovation of these services will provide considerable benefit to our customers as we ensure that we remain at the forefront of this industry."
Klinck joins State Street from Mellon Financial Corporation where he served as vice chairman and president of its Investment Manager Solutions group. In this capacity, he was responsible for the development of products and services for financial institutions including fund administration, offshore and outsourcing solutions. During his nine-year career at Mellon, Klinck also served as chairman for Mellon Europe, responsible for the company's investor services business in the region. . e region. Prior to joining Mellon, Klinck held various senior management positions at Signet Banking and American Express.
"Hedge and offshore fund servicing are must-have capabilities for today's investment service provider as these strategies attract more and more attention from institutional investors. Therefore, I'm delighted to join the company that has set the standard for servicing these assets and one that has such an intense focus on and understanding of the needs of these investors," said Klinck. "This focus has resulted in an enviable industry position, and one that I look forward to building on in the future."