UK - State Street Corporation is to provide full accounting and fund administration services to Schroder's investment funds.
State Street will oversee 64 funds, or over £11bn in assets.
The mandate builds on an existing relationship with Schroders. In November 2002, Schroders said that it would outsource its retail fund administration to IFDS, a State Street and DST Systems joint venture. Schroders also uses ‘Global Link’, State Street’s multi-asset class trading network.
Overall, Schroders has some some £89.5bn under management and services both multinational corporations to retail investors.
State Street senior vice president Jeff Conway said: “This mandate demonstrates our ability to provide the level of flexibility and innovation that major global asset managers need.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.