This article was published on Jiemian News For American company State Street Group, one of the world’s largest institutional asset management companies and investment service providers, apart from its branch and representative office which are located in Beijing and Shanghai, its only wholly-owned subsidiary in China is not based in the “financial center” Shanghai, but in Hangzhou. According to Jerry Cristoforo, CTO of State Street Group and chairman of State Street Technology (Zhejiang) Co., Ltd., the Group chose to come to Hangzhou in 2001. At that time, it had no idea that companies like Alibaba would later be born in Hangzhou, nor did it expect this city to achieve such rapid development in financial business. In fact, the establishment of State Street Technology (Zhejiang) Co., Ltd. stemmed from the cooperation he had earlier established with Zhejiang University in the 1980s. Later on, State Street Group and Insigma jointly established Insigma Hengtian Software Ltd. to provide software technology services to global financial institutions. State Street Group was responsible for sourcing projects abroad, and Hengtian would provide technical development support.