The London Borough of Greenwich Superannuation Fund has expanded a relationship with State Street, who inherited a partial role with the fund after acquiring Deutsche GSS, by appointing the American bank as its global custodian. The fund has over ?400 million in assets and 17,000 members.
“We look forward to State Street meeting all of our requirements as we move toward a new investment fund structure,” says Chris Perry, director of finance for the London Borough of Greenwich. “We anticipate a long term relationship with them.”
State Street had been providing custody services for the portion of the fund managed by Deutsche Asset Management. After a transition to a specialist fund manager structure, the Borough decided to consolidate their custody relationships with a single provider, having previously used both Deutsche GSS and JP Morgan Chase.
“We are delighted with this appointment, particularly at such an exciting time for State Street, coinciding with the excellent progress we are making in integrating the Global Securities Services businesses that we recently acquired,” says Alasdair Reid, State Street’s head of pension fund sales in the UK. “This mandate further highlights our leading position in the UK pension fund market and particularly as a specialist provider to local authorities.”