State Street Global Advisors (SSgA), the asset management business of State Street Corporation (NYSE: STT), has entered into an agreement with Celfin Capital, a leading financial service provider in Latin America’s Andean Region, under which Celfin will promote SSgA’s SPDR exchange traded funds (ETFs).
Recognised as the largest distributor of foreign mutual funds in the region, Celfin will be responsible for promoting SPDR ETFs to institutional investors including pension funds, mutual funds and insurance companies in Chile, Colombia and Peru.
“We are pleased to have been selected to promote the SPDR family of ETFs to our growing client base,” says Alejandro Montero, CEO at Celfin Capital. “As the industry’s pioneer and one of the most recognised brands in the world, SPDR ETFs have undoubtedly transformed investors’ ability to gain efficient exposure to a wide range of sectors, industries, asset classes and geographies through many innovative products. The addition of SPDR ETFs is a great complement to our current offering, and we look forward to a successful collaboration.”
Today, SSgA is one of the largest ETF providers globally with USD255 billion in assets as of December 31, 2010 with USD2.8 billion in ETF assets in Latin America as of September 30, 2010.
“In addition to delivering superior client service to both institutional and individual investors in the Andean region, Celfin brings deep knowledge of local and international markets,” says James Ross (pictured), senior managing director and global head of SPDR ETFs at State Street Global Advisors. “Our newly formed alliance with Celfin is an important milestone as we continue to expand our SPDR ETF footprint globally to meet investors’ needs.”