State Street Extends Servicing Relationship with Lloyds TSB; Fund Accounting and Reporting Added to Services Provided for (GBP)
October 31 2005 - 10:24AM
Business Wire
State Street Corporation (NYSE: STT), the world's leading provider
of services to institutional investors, announced today that it has
been reappointed by Lloyds TSB Group Pension Schemes to provide
investment services for the Schemes' assets, which are currently
valued at (GBP) 11 billion. Lloyds TSB Group plc is a leading
UK-based financial services group with total group assets of (GBP)
280 billion (as at 31 December 2004). Under the terms of the
five-year agreement, State Street will provide custody, fund
accounting, securities lending and bespoke reporting services to
the Lloyds TSB Group Pension Schemes. WM Performance Services, the
European performance measurement division of State Street, will
also continue to provide performance measurement services. The
terms of the initial mandate, signed in 2000, covered only custody,
with the other services having been added gradually over the course
of the relationship. "We are very happy to reappoint State Street
as our investment services provider," said Colin Grindle, head of
Pensions at Lloyds TSB. "The level of support has been first-class,
and we have been particularly pleased with their levels of
interaction and willingness to partner with us. In particular, the
bespoke reporting State Street provides has helped us significantly
streamline our back office operations." "Lloyds TSB is a valued
customer, and we are delighted to extend our relationship," said
Alasdair Reid, head of State Street's Asset Owner Group in Northern
Europe. "The history of our relationship speaks for itself - we are
very proud of our ability to establish meaningful partnerships with
our customers and offer them additional solutions to meet their
expanding needs as they arise." 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 $9.8 trillion in assets under
custody and $1.4 trillion in assets under management (as of
September 30, 2005), State Street operates in 25 countries and more
than 100 geographic 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 Corporation. Based in Edinburgh, London,
Amsterdam, Paris, Frankfurt and Zurich, WM measures more than 5,000
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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