Global asset management company State Street Corporation will be expanding its operations in Hyderabad by adding 5,000 new jobs.

With this, the city will soon host the second-largest office for State Street after its headquarters in Boston, US.

The announcement was made after the company’s leadership team met Telangana Industries Minister KT Rama Rao in Boston.

Some of the global roles and heads for accounting, HR mobility, among others, will be housed in Hyderabad as the existing center in the city had increasingly gained prominence, the Minister was informed.

Job roles

The job roles will be primarily in the areas of fund management, custodian services, and asset management.

The centre plans to add new jobs for software engineers and data scientists who will be experts in the areas of data analytics, artificial intelligence, and other emerging technologies supporting the fund management for State Street.

The company’s centre of excellence opened in Hyderabad in November 2017.

Initially, it was perceived to expand to about 1,000 employees to support management, custodial, and other services for the institution. But over the years, State Street outgrew its expectations and today, it will be adding over 5,000 jobs in Hyderabad, said a press release.