State Street Corporation, a major player in the US financial services sector, has appointed Vanessa Fernandes to lead its Digital Assets Solutions unit. The announcement came on Monday and emphasized her role in executing the company’s strategy for digital asset services.
Background of Vanessa Fernandes
Before joining State Street, Fernandes served as a Managing Director at Bank of New York Mellon (BNY Mellon). She also held an executive position at Itaú Unibanco, Brazil’s largest private bank. There, she developed innovative strategies for tokenized banking products and cryptocurrency custody.
Responsibilities at State Street
At State Street, Fernandes will collaborate with business leaders across various sectors, including product development, technology, and operations. She will work from New Jersey and report directly to Donna Milrod, the chief product officer.
Search for a Leader in Digital Assets
The financial institution announced the need for a leader in its digital assets solutions team back in May. During the past four months, the search focused on finding an innovative thinker who understands digital asset technology and possesses extensive institutional expertise.
Commitment to Digital Innovation
Fernandes expressed her commitment to advancing digital innovation within the organization. She noted that this is a crucial moment for the industry. “I look forward to collaborating with the talented team at State Street to further integrate digital capabilities into our core offerings and build a stronger, more future-focused foundation for our clients,” she stated.
Recent Developments in Digital Asset Services
State Street already provides fund administration and accounting services for cryptocurrency investments. In August, the company expanded its offerings to include crypto custody and tokenized assets.
Additionally, the bank partnered with Swiss crypto firm Taurus to offer tokenization services, which help clients create and manage tokenized funds. Recently, State Street’s asset management division, along with Galaxy Asset Management, introduced three new exchange-traded funds (ETFs) focused on digital assets. These ETFs aim to provide active management of digital asset exposure and capitalize on market inefficiencies.
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