Our teams in Poland offer clients the following range of services:
The Kraków Investment Fund Accounting groups are responsible for the preparation, monitoring and calculation of the net asset values (NAVs) of clients' funds. This includes comprehensive bookkeeping, monitoring and reporting of fund activity.
Our specialists also carry out a number of other activities on behalf of our clients:
- Dividends and fixed income events
- Interest accruals
- Corporate actions reasonability tests
- Expenses and fees
Fund accountants conduct a thorough analysis of all components of the NAV and compare fund performance against benchmarks and indices depending on portfolio and investment strategy.
Financial Reporting is responsible for preparing and reviewing financial statements and other reports of investment funds domiciled in Ireland, Luxembourg and the UK. In particular, our specialists produce:
- Balance sheets
- Profit and loss accounts
- Cash flow statements
- Statement of changes in net assets
- Schedule of investments
- Notes to the financial statements
Following the preparation and review of drafted financial statements and related audit files, financial reporting specialists are responsible for responding to customer and auditor queries.
Key Investor Information Document (KIID)
Our KIID Team works closely with the client service team in Luxembourg and analytics team in Frankfurt to service clients across the EMEA region. The KIID is a new product on the market aimed at providing investors with clear and concise information on investment funds.
The team is responsible for:
- Monitoring and analysing data integrity and ongoing charges
- Monitoring and identification of breaches
- Set up of KIIDs for new funds, share classes and clients
- Providing annual updates to KIIDs
Security Valuation Services
Security Valuation is a centre of excellence (COE) department for all asset-level pricing. Servicing a global client base, Security Valuation in Kraków interacts with third-party vendors to ensure that all assets are priced according to the price source agreements (PSAs) in place for each client. The main responsibilities of Security Valuation in Kraków include:
Price collection from vendors and exchanges
- Asset price validation
- Ensure prices are accurately applied as per the client PSA
- Investigate prices that break pre-determined tolerances
- Price distribution to Fund Accounting teams
As a leader in securities pricing, the team creates innovative, strategic business solutions by monitoring, responding and adapting to a constantly evolving industry.
The Derivatives COE in Kraków provides end-to-end derivatives processing and verification according to investment managers' instructions and broker statements.
Tasks performed by derivatives portfolio administrators include:
- Complex future and option processing
- Data management and setup
- Trade capture and reconciliation to the clearing broker statements
- Cash management and reconciliation
- Reporting and inquiries
International Fund Services (IFS) is a division of State Street Alternative Investment Solutions (AIS) that provides a complete suite of fund accounting, fund administration, middle office, transfer agency and risk services to hedge funds and private equity funds.
Fund products administered include:
- Fixed income
- Bank debt
- Fund strategies administered include:
- Long/short equity
- Market neutral
- Emerging markets
- Distressed debt
Fund structures administered include:
- Side by side
- Fund of funds
In some financial transactions, if one party defaults this can cause harm to the other party. This can relate to the actual transfer of assets or the possible future exchanges of monetary transfers. To reduce the risk of financial harm, it has become market standard that cash or securities are posted to the party at risk to compensate for a potential default by the other party. This is known as collateral.
Collateral Services in Poland is responsible for supporting our European Collateral Services group by managing the collateralisation of various assets for multiple European clients.
Collateral administration includes:
- Securities lending
- Over-the-counter (OTC) and re-purchase transactions (repos)
The team delivers additional reporting and services related to collateral including:
- Preparation of client reporting
- Instructing collateral transfers
- Checking settlement of collateral
- Trades statistics
- Interest calculation
The team acts as a centralised unit providing front-end service for a number of new business mandates to ensure the new business is successfully transitioned on to our accounting and custody platform. The responsibilities of the Conversion Team include:
- Due diligence
- Pre-conversion preparation
- Parallel and reconciliation
- Sign off and post-conversion administration
State Street Investment Analytics (SSIA)
SSIA provides a comprehensive and innovative solution in supplying our clients with performance analytics, investment risk analysis and a compliance reporting service.
- In Performance and Analytics, we view a client portfolio's overall composition and provide performance results down to security level across all asset classes on a monthly and daily basis.
- In Investment Risk, we provide risk metrics in line with client requirements, calculating Value At Risk (VaR) curves and running a number of stress tests based on historic events.
- In Compliance, we provide services to a number of clients in different regions by using an automated process to test client portfolios against investment restrictions. This can be legally stipulated (UCITS) or via the fund’s prospectus. All failures are investigated and reported back to the client.
Reference Data Services
Reference Data Services is a shared service organization providing data management for back and middle office asset servicing. These services are provided 24-hours a day, 6 days a week. Krakow Reference Services team is part of a global organization consisting additionally of teams in US and India. The main responsibilities include:
- Security Master File
- Broker Master File
- Party data related to trade processing (ETT/ETC)
- ISO standards (Currencies, Countries, Exchanges, Brokers)
- Holiday calendars (Country, Market, Exchange, Bank, System)
- Vendor feed management
- Data quality validation
Reference Data Services department is involved in numerous industry groups in order to keep pace with the rapidly changing financial industry and pending regulations related to the Dodd-Frank bill.
The Anti-Money-Laundering Shared Services is a centre of excellence (COE) for completing know-your-customer due diligence on clients of State Street in EMEA. The main responsibilities of the AML Shared Services function are:
- Verifying the identity of customers of State Street
- Risk profiling those customers
- Completing periodic risk reviews
- Providing KPI and KRI reporting to Compliance and the various State Street business units in Europe
State Street Global Exchange
State Street Global Exchange (GX) is a shared service centre that supports GX in Europe and North America. GX use the information available to State Street to perform risk analytics and information, and data management services to a wide range of clients. GX in Kraków interacts with clients, other divisions of State Street and multiple GX offices in Europe, North America and Asia to ensure that our analytical output is accurate, meets the client’s needs and is adding value to the client’s fund management process.
The main responsibilities of GX in Kraków include:
- Data management for TruView Risk Reporting — sourcing market data for re-pricing of instruments
- Benchmarking of client holdings against third-party indices.
- Risk Feed Position reporting (sending clients holdings to third-party risk aggregators)
- Developing solutions for client informational requirements
- Risk analysis monitoring
- Interaction with clients on the service performed in Krakow
- Production of reporting to meet our client’s analytical requirements
- Regulatory reporting
- Risk reporting for asset owners
- Product enhancement and development within GX
As this is a very specialist product, the team works closely with clients and other GX offices around the world to deliver tailored solutions.
Finance Shared Service Centre (FSSC)
FSSC is a division of Finance, established in Kraków to provide accounting, financial analysis and regulatory reporting services to our European offices.
- Financial planning and analysis
- Regulatory reporting
We also have a number of support functions based in Kraków assisting our operational teams:
- Global Human Resources, including Talent Acquisition
- Global Marketing
- IT and Operational Transformation
- Project Management Office
- Business Continuity Planning and Compliance
- Risk Management
- Global Realty Services
- Global Infrastructure Services