State Street to offer app for mobile devices

By @ibtimes on

State Street Corp , one of the world's largest recordkeepers for institutional investors, is promising pension and hedge fund managers real-time access to portfolio information on their mobile devices.

The Boston-based company, which offers accounting services and also oversees trillions of dollars in assets, will offer a mobile application for iPads, iPhones and other mobile devices, CEO Joseph Hooley said after the company's quarterly earnings report.

The app, called State Street Springboard, will be available in the Apple Inc App Store later this year.

As a user of several iPads himself, Hooley said the app is part of the company's commitment to keep rolling out new products to meet customer demands.

The iPad is creeping into every part of the industry, and it is part of our effort of continuing to push the envelope on what the customers are looking for, he said, discussing how the new product was conceived.

In March State Street company introduced a new product that allows customers to assess and manage counterparty risk.

Hooley said rolling out new products is critical to winning new business, which he expects the company to do in the months ahead.

(Reporting by Svea Herbst-Bayliss; editing by John Wallace)

Join the Discussion