State Street Global Advisors Awarded Two Investment Mandates by UK National Employment Savings Trust Corporation
February 04 2011 - 10:56AM
Business Wire
State Street Global Advisors (SSgA), the asset management
business of State Street Corporation (NYSE: STT) today announced
that it has been awarded two of the five available investment
mandates by the U.K. National Employment Savings Trust Corporation
(NEST).
SSgA was awarded the passive UK index linked gilt and
conventional gilt investment mandates after a competitive
procurement process.
Kanesh Lakhani, head of State Street Global Advisors, UK
commented: “We are delighted to have been awarded two of the five
available investment mandates by NEST. We are particularly pleased
that our fixed income fund management capabilities have been
recognised in the NEST procurement process. This is a great
opportunity to work for what will be a significant step in UK
pension savings. SSgA already works with many of the world’s
largest pension funds managing a range of investment strategies to
deliver on our clients' investment objectives.”
NEST (National Employment Savings Trust) is a new pension scheme
in the UK created to help employers meet new legal duties to
automatically enrol workers into a workplace pension scheme, to be
introduced in the UK in 2012. The scheme will serve up to six
million workers in the UK who have no occupational pension
provision. It will operate as a trust-based occupational pension
scheme run by NEST Corporation.
Last November, State Street was also awarded the contract for
fund administration services for NEST.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its disciplined investment process, powerful global
investment platform and access to every major asset class,
capitalization range and style. SSgA is the asset management
business of State Street, one of the world’s leading providers of
financial services to institutional investors.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment management, investment research and trading
and investment servicing. With USD$21.5 trillion in assets under
custody and administration and USD $2 trillion in assets under
management at December 31, 2010*, 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.
* This AUM includes the assets of the SPDR Gold Trust (approx.
$56 billion as of December 31, 2010), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors, serves
as the marketing agent.
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