State Street Named Transfer Agent for Wellington

State Street Named Transfer Agent for Wellington

State Street Corp. has been appointed transfer agent by Wellington Management on Hong Kong Exchanges and Clearing Ltd.’s Integrated Fund Platform, the companies said Tuesday.

State Street has processed Wellington’s first fund subscription and redemption orders through the platform, which connects asset managers with distributors through a standardized digital channel.

The platform’s Order Routing Service was developed with support from the Hong Kong government and the Securities and Futures Commission as part of efforts to strengthen the city’s fund-distribution infrastructure.

State Street said it is currently the only global transfer agent operating on the platform. The company has provided transfer-agency services in Hong Kong since 1982.
Wellington said the platform offers a more direct route to Hong Kong’s retail and institutional distribution market.

Connect With Distributors and Investors

«This is an important milestone not only for Wellington Management and State Street, but also for the continued evolution of Hong Kong’s fund distribution ecosystem,» Tim Helyar, State Street’s head of Asia Pacific, said in a statement. He said asset managers are seeking more efficient ways to connect with distributors and investors across the region.

For Wellington, the transactions represent its first use of the IFP and provide access to Hong Kong’s distribution network through the platform.

«Executing our first order on HKEX’s Integrated Fund Platform, with State Street as our transfer agent, reflects our commitment to the Hong Kong market and its future infrastructure», Cedric R. Pouillart, Wellington Management’s managing director and head of office for Hong Kong and director of trading for Asia Pacific, said.

HKEX said the milestone demonstrates the platform’s role in providing international asset managers with a direct route to Hong Kong’s distributor network.

State Street reported $57.9 trillion in assets under custody and/or administration as of the latest period cited by the company.