State Street Wins Investment Servicing Mandate from the Pension Protection Fund
June 23 2005 - 11:28AM
Business Wire
State Street Corporation (NYSE: STT) the world's leading provider
of services to institutional investors, announced today that it has
won a mandate to service the UK's Pension Protection Fund. The
Pension Protection Fund is a statutory corporate body, established
under The Pensions Act 2004, designed to assume the assets and
liabilities of qualifying U.K. private sector defined benefit
pension schemes, which are in deficit at the time of being wound
up, usually as a result of the corporate sponsor's liquidation. The
Pension Protection Fund became operational on 6 April 2005. State
Street will provide investment servicing to all of the Pension
Protection Fund's assets. Under the terms of the mandate, these
services will initially include global custody, fund accounting,
transition management, and cash management services. WM Performance
Services, the European performance measurement division of State
Street, will render performance measurement services. "We are
delighted to have awarded this mandate to State Street at the end
of an extensive and highly competitive selection process," said
Partha Dasgupta, chief investment officer of the Pension Protection
Fund. "We feel that the quality of their team and their commitment
to all aspects of the investment servicing business set them apart
from their competitors, and we look forward to establishing a
strong relationship." "The Pension Protection Fund is an important
new entrant on the U.K. pensions landscape, which makes this
mandate a very strategic piece of business for us to win," said
Alasdair Reid, head of State Street's Asset Owner Group in Northern
Europe. "Our leadership in providing investment servicing and
management solutions to the U.K. pensions industry continues to
expand, and we very much look forward to helping the Pension
Protection Fund as it develops in the coming years." Mercer
Investment Consulting assisted the Pension Protection Fund in its
selection process. The fund's assets will be serviced from State
Street's operations in Edinburgh. State Street Corporation (NYSE:
STT) is the world's leading specialist in providing institutional
investors with investment servicing, investment management and
investment research and trading. With $9.5 trillion in assets under
custody and $1.4 trillion in assets under management as of March
31, 2005, State Street operates in 25 countries and more than 100
markets worldwide. For more information, visit State Street's web
site at www.statestreet.com. WM Performance Services is one of the
world's leading investment performance measurement businesses and
is the European performance measurement division of State Street.
Based in Edinburgh, London, Amsterdam, Frankfurt and Zurich, WM
measures more than 6,000 investment portfolios based in the key
global investment centres and provides an extensive range of
services to support better investment decisions.
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