State Street has signed an initial agreement to acquire the Santander CACEIS Latam Securities Services joint venture in Brazil, Mexico and Colombia.
The business is jointly owned by Santander Group and CACEIS. It had approximately $470 billion in assets under custody and $225 billion in assets under administration as of June 30, 2026.
Assets under custody generally refer to investments that a financial institution safeguards and processes on behalf of clients. Assets under administration may also include portfolios for which the provider performs accounting, reporting and operational services without physically holding every asset.
The proposed acquisition would significantly expand State Street’s presence in Latin America and strengthen its custody, foreign-exchange and middle- and back-office capabilities in three of the region’s largest institutional investment markets.
State Street plans to combine its global technology and servicing platform with the joint venture’s local licenses, regulatory knowledge, employees and client relationships.
The company expects to retain the business’s local teams and continue operating the acquired entities under their existing regulatory frameworks.
The parties intend to negotiate definitive transaction documents after completing consultation processes with employee representatives.
The acquisition remains subject to regulatory approvals and customary closing conditions and is not expected to close until sometime in 2027.
State Street reported $57.9 trillion in assets under custody or administration and $6.3 trillion in assets under management as of June 30, 2026.
Support: Goldman Sachs is serving as State Street’s financial advisor, while Freshfields is providing legal counsel.
KEY QUOTES:
“This transaction will allow us to better serve our global clients with cross-border and local investment needs in Latin America and strengthen our ability to support investors as they access growth opportunities and manage global investment portfolios.”
Ron O’Hanley, Chairman and CEO of State Street
“By combining State Street’s global platform, which services clients in more than 100 markets, with established local capabilities in Latin America, we are creating a more powerful and connected service model.”
Joerg Ambrosius, President of Investment Services at State Street
