Boston’s State Street to add 5,000 jobs in Hyderabad

Boston-based State Street, the world’s largest asset management company, is expanding big in Hyderabad by adding 5,000 new jobs. The proposed investment is a big thrust to the Banking, Financial Services & Insurance (BFSI) sector in the State and Hyderabad will soon host the second-largest office for State Street after its Boston headquarters.

The announcement was made after the leadership team of State Street met IT and Industries Minister KT Rama Rao in Boston, USA. In the meeting with the Minister the State Street team mentioned that some of the global roles and heads for Accounting, HR Mobility, and others would be housed in Hyderabad and that the centre in Hyderabad had increasingly gained prominence. Today it figures as one of the vital centres supporting their growth story.

The job roles would be primarily in the areas of Fund management, Custodian services, and asset management. The centre would have a slew of software engineers and data scientists who would be experts in the areas of Data Analytics, Artificial Intelligence, and other emerging



technologies supporting the fund management for State Street.

In November 2017, State Street Corporation, one of the world’s leading providers of financial services to institutional investors, with over $40 trillion under its custody, announced the opening of a new centre of excellence in Hyderabad. Initially, it was perceived to expand to about 1,000 employees to support their asset management, custodial, and other services for the institution. Over the years, State Street outgrew its expectations and now is adding over 5,000 jobs in Hyderabad.

The meeting was attended by Aunoy Banerjee, Executive Vice President and head of Corporate Services and Investments for State Street Corporation along with Jacob Rosenfeld, Global Head of Tax, Senior Vice President at State Street, and Jeevan Ramapriya, Public Policy and Government Affairs.

Principal Secretary (IT and Industries) Jayesh Ranjan, Special Secretary, Investment Promotion & NRI Affairs, E Vishnu Vardhan Reddy and Chief Relations Officer, Amarnath Reddy Atmakuri were also present.