State Street takes minority stake in Apex Fintech, partnering on digital custody

[State Street headquarters in Boston, MA, USA]
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State Street (NYSE:STT [https://seekingalpha.com/symbol/STT]) will use Apex Fintech Solutions' digital custody [https://seekingalpha.com/pr/20219055-state-street-corporation-and-apex-fintech-solutions-announce-strategic-partnership-to-address]and clearing platform to expand its wealth services offerings in a new strategic partnership, the companies said on Wednesday.

As part of the alliance, State Street (NYSE:STT [https://seekingalpha.com/symbol/STT]) will make a minority investment in Apex Fintech. Together, the companies "will deliver a differentiated, fully digital, globally scalable, custody and clearing solution and experience for wealth advisors and self-directed wealth platforms as well as their clients around the world," they said.

Apex is a global financial technology platform that supports investing infrastructure, digital custody, clearing, and access to U.S. markets with more than 200 clients and 22M brokerage accounts that hold more than $200B in assets worldwide.

State Street (STT [https://seekingalpha.com/symbol/STT]) stock rose 0.9% in premarket trading.

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