UK - State Street's Global Securities and Services business has made a profit in 2003, a year after buying Deutsche Bank rival operation for $1.5bn (£959.5m).
The firm said that 12 months after the acquisition, it had met its goals for retaining revenue from former Deutsche clients and was on track to complete client conversions by mid-2004.
State Street chairman David Spina said: “We still have work to do in Europe, but it is already clear that we have realised the promise of this acquisition.”
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.