State Street has received the go-head from the Dutch authorities to set up a branch of State Street Bank Europe to service Dutch institutional clients, who have been serviced from Brussels and London.

The branch is headed by Jan Koghee, who formerly ran ABN AMRO global custody. He says the full range of custody, investment management and treasury services will be provided.But he adds: My first sales target will be my own area of global custody, but I will be opening the door to the other specialists."

"We believe there are many opportunities for a major player with a local presence, especially with the decline in the numbers of global custody providers," he says.

"We will be aiming not just at the top tier pension funds, but also at the second tier, insurance companies and asset managers."

He is hopeful that the changes in the Dutch custody market, (see page 36) could be beneficial to State Street."

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