WEST PALM BEACH, FL (HEDGECO.NET) – State Street Global Advisors [SSGA] has announced that it will be offering custodian services to German Hedge funds, through the SSGA Munich, a banking subsidiaryof SSGA. According to the managing director of State Street, Stefan Gmur, such services will be provided on a selective basis.
Hedge funds are slowly beginning to catch up in Germany, as the German regulator BaFin approved single hedge funds in February. The hedge fund asset management business in Germany is still in its infancy stages. According to published reports, only 2% of the German hedge fund management portfolios are dedicated to hedge funds, but some reports also claim that increasing number of German pension plans are gearing up to invest up to about 20% of their pension assets into hedge funds.
When the German financial market regulators approved retail hedge funds for investors in Germany, everyone expected a big rush by investors to put up their assets into such vehicles. However, it appears that the German hedge fund investors are not yet convinced about investing in hedge fund strategies yet. Up to date, very few hedge fund products are available in the markets.
State Street Global Investment and State Street Global Advisors (Advisory Company) (SSgA Munich) are wholly owned subsidiaries of State Street Bank Europe Limited, itself a subsidiary of State Street Corporation, a US bank holding company quoted on the New York Stock Exchange. SSgA Munich is the German office of State Street Global Advisors (SSgA), one of the world’s largest institutional asset managers, overseeing about US $1,000 billion of investor assets.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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