GERMANY - Aventis Pension Trust has appointed State Street Corporation to a $2.3bn (e1.8bn) custody and accounting mandate.
The Depotbank brief also includes performance and analytics services.
Petra Zamagna, head of benefits finance and asset management for Aventis said: We are delighted to build our relationship with State Street to include custody, accounting and performance and analytics.
“State Street has clearly demonstrated its commitment to providing Depotbank services and really excels in client service and innovation in the custody services and asset management services. State Street’s thirty years in Germany gives them an in-depth understanding of the market here and of the regulatory environment.
Headquartered in Strasbourg, France, Aventis is an international pharmaceutical company formed in 1999 through the merger of Hoechst AG and Rhone-Poulenc.
Stefan Gmuer, senior vice president of State Street in Munich said: This mandate is a testament to the strength of our service offerings as well as our ability to win new clients while successfully integrating the global securities services business we acquired from Deutsche Bank. The knowledge capital and additional capabilities we have gained from this acquisition are already reaping results for us.
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Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point