Nanyang Polytechnic (NYP) and financial services firm State Street Corporation are teaming up to develop the local fund management sector.

The United States-based State Street will offer four fully-funded annual scholarships and internship programmes to future diploma holders in fund management and administration, from April.

State Street provides financial services to institutional investors, which includes investment servicing and investment management.

The programme was announced as NYP and State Street signed a memorandum of understanding (MoU) at the polytechnic on Jan 3.