State Street Corp, one of the world's leading providers of financial services with $2.3 trillion in assets under management, has opened an office in Shanghai.

The new office will provide alternative investment servicing solutions to support State Street's strategic hedge fund clients as they expand their business in China, the company said in an e-mail statement.

It will also support client and business development initiatives in China for State Street's Alternative Investment Solutions business in the private equity and real estate asset classes.

"We expect the growth of China's foreign reserves and the increasing appeal of global asset allocation will support our growth plans. Over the long-term, we would like to continue expanding our business in the region in accordance with our clients’ needs and Chinese regulations," said Carol Hall, senior managing director of State Street's AIS team.

State Street opened its technology center in Hangzhou, Zhejiang province, in 2008, its Beijing branch in 2011, and State Street Global Advisors announced a joint venture with Zhongrong International Trust Co. Ltd last year.