State Street Corporation has been appointed by Rio Tinto, an international mining group, to provide investment services for USD8 billion in assets.
State Street will provide Rio Tinto with custody, fund accounting, securities lending and investment analytics services for its Canadian, US and UK pension schemes. The services will be provided from State Streets operations in London and Montreal.
State Streets ability to service our schemes in multiple domiciles though a single, global platform was an attractive option for us, whilst also allowing us to reduce costs across geographies, said Michael Wrobel of Rio Tinto.
We are seeing increased demand from customers to streamline their reporting requirements across service providers, said Steve Smit, head of State Streets Investor Services business in the United Kingdom, Middle East and Africa. With State Streets global reach and local support teams, we can provide a seamless solution for pension funds with needs in multiple regions.
State Street has also recently been appointed by CIG Trustees Limited, an indirect associate of China Insurance, to provide custody services for its asset portfolio.