State Street Corporation (NYSE: STT) today announced the successful onboarding of River Global as a client of its newly launched transfer agency service in the UK, supported by ZILO, a FinTech specialising in global asset and wealth management software.
State Street participated in ZILO's Series A fundraising round in January 2024, a decision driven by State Street's focus on addressing the need for modern digital solutions to improve cost effectiveness and operational efficiency within the investment management industry.
Donna Milrod, global head of product, State Street, said: "We are pleased to welcome River Global as our first client of our re-entry to the UK transfer agency market. Transfer agency is the gateway to investors and distributors, and ZILO's cloud-based and AI-enabled technology helps significantly reduce friction in the distribution process, providing a superior digital-first user experience, complementing our existing back-office offering."
Alex Hoctor-Duncan, Chief Executive, River Global, said: "We are delighted to have partnered with State Street, supported by ZILO, to consolidate service provision for shareholders in our funds. In doing so, we have simplified our proposition, delivered cost savings to our clients and improved our overall service offering. The teams from State Street and ZILO have been a pleasure to work with, proving both professional and supportive, and the technology that ZILO brings to bear is first class."
Andy Wilson, Deputy CEO and Chief Commercial Officer, at ZILO, added: "We are thrilled that State Street, a global leader in investment servicing, has partnered with ZILO to re-enter the UK transfer agency market, leveraging our transformative technology to deliver a digital-first service to River Global. This is a further testament to ZILO's continued success and growth in an industry challenged by legacy technology."
State Street holds a leading position in the key cross-border distribution hubs, and offers institutional transfer agency service in 14 markets.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.6 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of December 31, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2024 includes approximately $82 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
2025 State Street Corporation
Tracking number: 7693821.1.1.GBL.RTL
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Contacts:
Media Contact:
Michel Chau
+44 (0) 7500 682982
mchau@statestreet.com
