EUROPE -State Street Global Advisors' (SSgA) has been appointed by Sanofi Aventis to manage a e800m currency overlay mandate for Sanofi Aventis' Pension Trust, Aventis.
The new mandate expands State Street’s existing relationship with Sanofi Aventis, the French pharmaceutical company. SSgA’s German subsidiary has already been awarded in 2003 a e700m passive global equity mandate from Sanofi Aventis Pension Trust.
Klaus Esswein, head of SSgA said: “We are delighted with this important award which illustrates the success of our active currency process and confirms our commitment to the German institutional market.”
Wolfgang Webber, head of benefits finance and asset management for Sanofi Aventis, added: “We look forward to working with SSgA to help us achieve the investment goals we’ve set for the fund.”
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