State Street's FX business thrives despite competition from global banks

Singapore

STATE Street Global Markets has a thriving foreign exchange business in Asia, competing head-on with the major banks.

Better known as one of the world's largest fund houses, Boston-based State Street is also a serious foreign exchange (FX) player. It has US$32.1 trillion in assets under custody and administration as well as US$2.67 trillion in assets under management as at Sept 30, 2017.

The FX part of the business is derived from the transactional side - that of buying and selling securities globally, said Henry Quek, senior managing director and head of FX sales, trading & research for Asia-Pacific…