In April State Street announced plans to provide servicing for tokenized money market fund issuers in Luxembourg later this year, with State Street Investment Management as the first client. During this week’s quarterly earnings call, CEO Ronald O’Hanley said it had landed its first external client for the service, a major European asset manager.
The news follows the January launched of the bank’s Digital Asset Platform, built on custody and tokenization technology from Taurus. The Luxembourg fund servicing capability will add fund administration, custody and transfer agency services on top of that infrastructure. The bank faces established competition in the market from Clearstream, Euroclear and Apex Group, all of which already have DLT based fund servicing in production.
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