State Street Appoints New Leader for Digital Assets Solutions
Appointment Announcement
State Street Corporation, a leading US-based financial services firm, has officially appointed Vanessa Fernandes as the head of its Digital Assets Solutions unit. This announcement was made on Monday, highlighting the company’s commitment to expanding its offerings in the rapidly evolving digital asset landscape.
Vanessa Fernandes’ Background
Before joining State Street, Fernandes had a distinguished career at Bank of New York Mellon Corp. (BNY Mellon), where she served as Managing Director. She also made significant contributions as an executive at Itaú Unibanco, Brazil’s largest private bank, where she was instrumental in launching innovative strategies for tokenized bank products and cryptocurrency custody. This wealth of experience positions Fernandes uniquely to lead State Street’s initiatives in digital assets.
Strategic Vision at State Street
In her new role, Fernandes will be responsible for executing the enterprise strategy for the digital asset services team at State Street. She will collaborate with business leaders across various departments, including product development, technology, and operations. Based in New Jersey, Fernandes will report directly to Donna Milrod, State Street’s Chief Product Officer.
Search for Leadership in Digital Assets
The search for a leader for the Digital Assets Solutions team began in May, as State Street recognized the need for someone with innovative thinking and a deep understanding of digital asset technology. Over the past few months, the bank was focused on finding a candidate with substantial institutional expertise to guide its expansion into this sector.
Fernandes’ Vision for Digital Innovation
Expressing her enthusiasm for the role, Fernandes stated her commitment to driving the next phase of digital innovation in 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 said.
State Street’s Digital Asset Services Expansion
State Street has already been providing fund administration and accounting services for cryptocurrency investments. In a recent move, the firm expanded its services to include crypto custody and the management of tokenized assets. This expansion reinforces its position as a significant player in the digital asset space.
Partnerships and New Offerings
The financial institution also formed a partnership with Swiss-based crypto firm Taurus to deliver tokenization services, allowing clients to create and manage tokenized funds. Additionally, State Street’s asset management division and Galaxy Asset Management have recently launched three new exchange-traded funds (ETFs) focused on digital assets. These ETFs are designed to provide active management of digital asset exposures, aiming to capitalize on market inefficiencies.
As State Street continues to innovate in the digital assets arena, the appointment of Vanessa Fernandes marks a crucial step toward strengthening its capabilities in this fast-growing field.