State Street Global Advisors (SSGA), the asset management arm of State Street, is considering either fully acquiring or taking a stake in a private credit or infrastructure management firm – potentially through product partnerships – according to a report from the Financial Times.
The report quotes SSGA Chief Executive Yie-Hsin Hung as saying: “We are shopping,” as part of a broader strategy to bolster the firm’s position in the alternative assets space and better compete with rivals in providing non-listed investments, including secondary funds that purchase stakes in existing private funds.
Alternative assets make up less than 5% of the firm’s $4.7tn in assets under management at present, the report states.
The push is backed by the appointment of Anna Paglia as the new Chief Business Officer, who joined SSGA from Invesco earlier this year.
Since Paglia’s arrival, the firm has launched more than 80 products, including a joint venture with Apollo to seek regulatory approval for an ETF to invest in public and private credit. According to the report, additional products are also under development.
