US - C Change Investments, founded by former California Public Employees' Retirement System (CalPERS) chief investment officer Russell Read, has appointed State Street to provide it with fund administration services.
Read commented: "We are encouraged by State Street's commitment to alternative investments as well as its ability to help us navigate the private equity landscape. As we continue to build out our alternative platform we will also need the help of a sophisticated administrator who can provide solutions for all of our alternative products."
State Street executive vice president and global head of the Alternative Investments Solutions team Jack Klinck added: "Private equity servicing is a significant part of our alternative servicing business experiencing dynamic growth. With the increased complexity in fund strategies we are well prepared to provide a full range of administration support."
In a separate move, State Street has also appointed Robert Kaplan and Patrick de Saint-Aignan to its board of directors.
Kaplan is professor of management practice at Harvard Business School and a former vice chairman of The Goldman Sachs Group, while de Saint-Aignan, worked for Morgan Stanley for over 30 years.
State Street Corporation chairman and chief executive officer Ronald E. Logue said: "We are pleased to welcome Robert Kaplan and Patrick de Saint-Aignan to our board. With the addition of these new directors, our board continues to reflect a diverse range of global experiences and market knowledge."
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.