State Street has been appointed by ABP, the giant Dutch pension fund, to provide custodial and global securities lending services for ABP's US and Japanese assets, worth a total of US$21bn.
We are delighted to be selected for this important assignment by such a valued and long-standing client, said State Street's vice chairman and chief operating officer, Ronald Logue. This mandate allows us to continue the momentum we are building in two of our targeted high growth markets - Europe and Japan.
Currently, State Street has $5.8tr in assets under custody and $703bn under management. State Street's relationship with ABP started in 1991, when ABP appointed State Street Global Advisors for equity index management. In February 2001, ABP took a one third stake in State Street Global Alliance, a jointly-owned subsidiary that provides seed capital for start-up speciality asset management firms.
ABP is the pension fund for public employees in the government and education sectors in the Netherlands. At the start of the year, it had assets of US$128.8bn (EUR150bn), and is the second largest pension fund in the world. Its assets represent around 35% of total Dutch pension fund assets, and its client base totals some 2.2 million participants and pensioners, including civil servants, education, universities, police and firemen.
By Geoffrey Ho
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