Investors Fiduciary Trust of Kansas City for $162 million from DST Systems and Kemper Financial Services. In 1996, Bank of New York acquired the unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo. In 1997, State Street setup its office in Singapore. In 1999, State Street sold its retail and commercial banking businesses to Citizens Financial Group. 21st century In 1990, State Street Bank Luxembourg was founded, and is the largest player in the country's fund industry by assets. In 2003, the company acquired the securities services division of Deutsche Bank for $1.5 billion. The company also sold its corporate trust business to U.S. Bancorp for $725 million. Also in 2003, State Street sold its private asset management business to U.S. Trust. In July 2007, the company acquired Investors Bank & Trust for $4.5 billion. In October 2008, the United States Department of the Treasury invested $2 billion in the company as part of the Troubled Asset Relief Program and in July 2009, the company became the first major financial firm to repay the Treasury. In 2010, the company acquired Mourant International Finance Administration. It also acquired the securities services group of Intesa Sanpaolo for $1.87 billion. In December 2010, the company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours. In November 2011, the company was named as amongst the world's 29 systemic banks. In 2012, the company acquired Goldman Sachs Administration Services, a hedge fund administrator, for $550 million. In November 2014, the company sold SSARIS Advisors, its hedge fund unit, to senior management. In 2016, State Street launched a program called Beacon, focused on cutting costs and improving reporting technology. Their main focus was to shrink their US workforce in order to bolster profits in excess of $2.5 billion (2018 figures). Also in 2016, the company acquired the asset management business of General Electric. In 2017, the company announced that Jay Hooley, the chief executive officer of the company, would retire. In 2018, State Street completed its acquisition of Charles River Development, a Burlington, Massachusetts provider of investment management software. The deal closed October 1, 2018, at a cost of approximately $2.6 billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity. News of the acquisition led