‘State Street’ expanding big in Hyderabad, to create 5,000 new jobs

BOSTON: State Street, the world's largest asset management company, is expanding big in Hyderabad by adding 5,000 new jobs. The proposed investment is a big thrust to the BFSI (Banking, Financial Services & Insurance) sector in the state and Hyderabad will soon host the second-largest office for State Street after its Boston Headquarters.

The announcement was made after the leadership team of State Street met Minister K T Rama Rao in Boston, Massachusetts, USA.

The State Street team informer the minister that some of the global roles and heads for Accounting, HR Mobility, and others would be located in Hyderabad and the center in Hyderabad had increasingly gained prominence.

The job roles would primarily be in the areas of fund management, custodian services, and asset management. The center is going to have software engineers, and data scientists who will be experts in the areas of Data Analytics, Artificial Intelligence, and other emerging technologies supporting the fund management.

In November 2017, State Street Corporation, one of the world’s leading providers of financial services to institutional investors, with over $40 trillion AUM (assets under management), announced the opening of a new centre of excellence in Hyderabad. Initially, it was perceived to expand to about 1,000 employees to support their asset management, custodial, and other services for the institution. Over the years, State Street outgrew its expectations and today they are adding over 5,000 jobs in Hyderabad.

The meeting was attended by Aunoy Banerjee, Executive Vice President and head of Corporate Services and Investments for State Street Corporation along with Jacob Rosenfeld, Global Head of Tax, Senior Vice President at State Street, and Jeevan Ramapriya, Public Policy and Government Affairs.

Principal Secretary of IT and Industries Departments, Jayesh Ranjan, Special Secretary, Investment Promotion & NRI Affairs, E Vishnu Vardhan Reddy and Chief Relations Officer Amarnath Reddy Atmakuri were present at the meeting.