State Street Bolsters Its Business in Latin America with a New Office in Chile

State Street Corporation announced the opening of a new office in Chile to help the firm serve and support institutional clients in Latin America, with a focus on custody, fund administration and securities lending.

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The firm has appointed Alberto Menendez to lead the Chile office and as sales representative for Chile and Peru. Menendez is based in Chile and will report to Maria Ximena Vasquez Barbosa, regional sales head for Latam and Caribbean excluding Brazil.

The launch of the Chile office marks an important milestone as the firm builds on its ongoing expansion of client capabilities in the region. In 2021, State Street announced that its Brazilian bank began offering foreign exchange capabilities and sales operations.

"We are proud of our growth in Latin America, which continues to be a critical market for the global investment community," said Marcia Rothschild, State Street's head of Latin America and The Caribbean. "With our new office, State Street is even better positioned to serve our clients, globally and locally, as they navigate the evolving challenges of investing in emerging markets."

"I am excited to lead this new office and help State Street accelerate its growth plans in Chile, Peru and other Latin American countries," said Menendez. "State Street has brought market leading solutions and unprecedented scale to the region, and the opportunity ahead is only growing as we continue to expand our capabilities on behalf of clients."

Menendez brings more than 10 years of experience in the region. He joins State Street from Credicorp Capital Chile, where he served as distribution manager, overseeing the distribution of first-class mutual funds, ETFs and alternative asset managers, including State Street's ETFs for Chile, Colombia and Peru. Prior to that, he held leadership positions at AFP Provida, Celfin and AFP ING of Colombia.