UK - After what was described as a "competitive tender process", Paternoster has chosen State Street Corporation for its custody and securities lending services.
Paternoster was set up by ex-Prudential executive Mark Wood earlier this year to target the potentially lucrative market offered by overburdened defined benefit schemes looking to offload some of their liabilities.
Commenting on the appointment, Alasdair Reid, head of State Street's Asset Owner Group in the UK, said: "The importance of this new relationship for State Street cannot be understated. State Street has recognised that more and more closed defined benefit schemes will transfer their liabilities to the bulk annuity market as a long-term solution. As such we view our relationship with Paternoster as another strategic component to the growth of our UK and European asset owner business."
Paternoster and State Street are just two of the many companies looking for a piece of the potential £1trn pie of DB business.
The latest reported to be planning an entrance to the market is Goldman Sachs, in a proprietary venture purported to be led by the firm's ex co-head of European investment banking, Addy Loudiadis.
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