State Street Investor Services (SSIS) will be able to service offshore-domiciled trusts from Australia by next year, if an internal review currently underway approves the plan.
SSIS head of sales and marketing, Chris Field, said an increasing number of its domestic clients were launching overseas-domiciled trusts, which currently had to be administered by other firms. “We’ve got guys like MIR, K2 and Vertex as clients, so it’s a potential avenue of new business if we were able to offer them full servicing on their Luxembourg or Cayman Islands funds on our existing domestic systems,” he said. The service, which would encompass everything from core custody to middle office, involved contractual agreements between SSIS in Australia and its offices in the various tax domiciles, which Field said were in the process of being finalised.
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