HYDERABAD: StateStreet, one of the largest American asset management companies, has announced a significant expansion in Hyderabad by adding 5,000 new jobs. This proposed investment will greatly benefit the Banking, Financial Services & Insurance (BFSI) sector in the State, and Hyderabad is set to become home to StateStreet’s second-largest office after its headquarters in Boston.
The announcement came after StateStreet’s leadership team met with IT & Industries Minister KT Rama Rao in Boston. During the meeting, the StateStreet team said that Hyderabad has been gaining increasing prominence, and as a result, some roles and departments such as accounting, HR mobility, and others will be based in the city.
The job roles will be primarily in the areas of fund management, custodian services, and asset management. The centre will have a number of software engineers and data scientists who will be experts in the areas of Data Analytics, Artificial Intelligence, and other emerging technologies supporting the fund management for StateStreet.
In November 2017, StateStreet Corporation, which manages over $40 trillion in assets, announced the opening of a new Centre of Excellence in Hyderabad. Initially, it was expected to employ around 1,000 individuals to support asset management, custodial, and other services for the company. However, StateStreet has exceeded expectations over the years, leading to the current expansion plan of adding over 5,000 jobs in Hyderabad.