State Street Expands Relationship with UK Pension Protection Fund
December 08 2008 - 11:35AM
Business Wire
State Street Corporation (NYSE: STT) the world�s leading provider
of financial services to institutional investors, announced today
that it has expanded its relationship with the UK�s Pension
Protection Fund (PPF) to include risk services for its �2 billion
in assets. State Street was appointed in 2005 to provide global
custody, fund accounting, transition management, cash management
and performance measurement services for the PPF. This contract was
renewed in July 2008. State Street Global Advisors, the company�s
investment management arm, has also been managing an active UK
equity mandate for PPF since 2007. �Since our inception in 2005,
the scale and complexity of our business structure has changed
significantly,� said Martin Clarke, executive director of Financial
Risk of the PPF. �Having worked together with State Street over the
past three years, we felt strongly that they were best placed to
provide high quality support and solutions for our evolving
business needs and future growth.� �We are delighted to have been
re-appointed by the PPF and are looking forward to further
developing this relationship and supporting them with transparent
access to their valuation, performance and risk data for their
growing assets under management,� said Mark Westwell, head of
account management for State Street's investor services team in the
United Kingdom, Middle East and Africa. �Given the dynamics of the
pensions industry, the PPF is continually evolving and we are
dedicated to supporting them across a comprehensive range of
service areas.� State Street Corporation (NYSE: STT) is the world's
leading provider of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $14.0 trillion in assets
under custody and $1.7 trillion in assets under management at
September 30, 2008, State Street operates in 26 countries and more
than 100 geographic markets worldwide. For more information, visit
State Street�s website at www.statestreet.com.
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