US financial holding firm State Street expands its Asia transfer agency services team with a new Taiwan office and key Asia-Pacific hires.

State Street, the US-headquartered financial holding firm, has launched its transfer agency operations in Taiwan as part of expansion plans in the Asia-Pacific region.

TA services cover investor registration, trade processing, allocating of units to investors, cash management and reconciliation and regulatory support. The new branch in Taiwan, to be headed by Sunny Yang, will provide services on business process outsourcing basis to securities investment trust enterprises, or fund management firms registered in Taiwan that offer public funds for local domiciled funds. 

"We see great potential for the transfer agency business here given that Taiwan is the source of the majority of assets coming into UCITs products in the region," said Ilona Chen, general manager and head of State Street Global Service Taiwan, in a statement. 

As head of the Taiwan TA service, Yang will be responsible for day-to-day operations, including resource management of teams involved in client servicing and monitoring operational risk and regulatory framework. She brings 15 years of experience to this role and previously held senior positions at Allianz Global Investors Taiwan, ING Taiwan and JP Morgan Asset Management Taiwan. 

She reports to Euan McLeod, head of TA for the Asia-Pacific region, based in Hong Kong. McLeod himself was only recently appointment to this post, bringing with him some 20 years of experience working for HSBC, JP Morgan, Citibank and the Royal Bank of Scotland. 

Other recent Asia hires include Gayathri Chandramouli as head of product and strategy for the TA business based in Singapore and Aileen Yan as head of TA operations in Hong Kong.