State Street eyes further acquisitions

BOSTON-based bank State Street’s asset management arm is on the hunt for more acquisitions in Europe after its €57m (£50m) acquisition of Bank of Ireland Asset Management earlier this year.

In 2009, 36 per cent of the bank’s total revenues came from outside the US, but the bank is now focused on expanding abroad.

In a briefing with journalists yesterday, State Street president and chief executive Jay Hooley said that the European pensions market presents more exciting opportunities due to the ongoing pensions shake-up in many European countries.

Hooley’s comments come on the back of his firm winning the lucrative National Employment Savings Trust contract to manage the UK’s new government-mandated national pension scheme.