State Street buys online forex trading platform

State Street, one of the world's largest financial services groups, has stepped-up its efforts to attract more business from hedge funds and other active traders by buying Currenex, an online foreign exchange trading platform, for $564m in cash.
Currenex provides electronic currency trading primarily for the rapidly growing $1,300bn hedge fund industry where State Street, which is primarily known for its money management and custody businesses, has been trying to boost its presence.
"This acquisition diversifies State Street's trading customer base beyond traditional asset managers to include more active currency managers and hedge funds," said Joseph Hooley, vice-chairman.
State Street, which has $1,700bn in assets under management and $11,900bn in assets under custody, said Currenex would augment its FX Connect foreign exchange trading platform, which last month topped $108bn of trading volume in one day.