State Street to further consolidate operating model in India

State Street and HCLTech announced they are finalizing plans for State Street to assume full ownership of the Joint Venture operations Statestreet HCL Services, formed in 2012 to provide business operations services. This consolidation, which is based on the arrangements aligned with the existing JV agreement and expected to be completed in the second calendar quarter of 2024, will further streamline State Street’s operating model in India and continue State Street’s ongoing transformation and productivity plan and strategy of simplifying its global operating model. State Street has partnered with HCLTech for more than a decade, and this collaboration has grown into a valuable servicing and operational center for the firm and its clients. State Street has a longstanding presence in India, and in October 2023 it acquired full ownership of a separate joint venture with another partner. Bringing the State Street HCL Services capabilities and expertise in-house will create a more simplified model to facilitate faster decision making and a more effective and efficient experience for its clients.