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State Street completes transfer of Mizuho’s $850b custody business

Mizuho will collaborate with State Street for global custody and related services.

State Street Corporation has completed the transfer of Mizuho Financial Group’s global custody and related businesses outside of Japan, representing approximately US$850b in assets under custody and US$24b in assets under administration.

The transaction involves State Street taking on Mizuho’s offshore securities services businesses, including global custody services; Cayman, Bahamas, and Luxembourg-domiciles cross-border fund servicing; a European securities agency business; and sub-custodian and securities lending services in the US.

Mizuho will continue to provide Japanese clients with trust and custody services for domestic assets and will collaborate with State Street for global custody and related services, according to a press release.

State Street’s president of investment services, Jeorg Ambrosius, said that their enhanced presence in Japan and Luxembourg will further their growth ambitions in these two markets.

“Since we announced the transaction in February this year, we have been collaborating very closely with our colleagues of Mizuho in analyzing their offshore securities servicing model to ensure a seamless transition for Mizuho’s clients,” Ambrosius said in a press release.

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