UK - State Street Corporation has been awarded custody and investment servicing mandates by five UK-based pension funds, worth a total of £950m .
The £450m Rolls Royce & Bentley Pension Fund chose State Street to provide an integrated range of custody, fund accounting and compliance monitoring services.
The £140m British Medical Association Pension Scheme and the £50m PONL Pension Scheme both awarded the firm custody mandates for the whole of their funds.
London Borough of Tower Hamlets Pension Fund has chosen to expand an existing relationship with State Street and added £240m to its current custody and accounting mandate.
The Ockham Pension Scheme awarded the firm a custody and accounting mandate for its £70m in assets, which are currently being managed within a liability driven investment (LDI) fund structure.
All the pension funds, apart from the PONL Pension Scheme, also chose WM Performance Services (WM), the European performance measurement division of State Street, which will provide performance measurement services.
Head of State Street asset owner group in the UK, Middle East and Africa, Alasdair, Reid said: “State Street is very pleased to expand on our leadership position in the UK pensions market, a segment which is a key component of our business strategy across Europe.
“We are delighted to be able to meet the needs of such a wide range of customers and look forward to developing partnerships with each of these new clients.”
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