State Street Corporation has expanded its relationship with the Scotland-based Stagecoach Group Pension Scheme, extending its existing custody agreement to include fund accounting and commission recapture services to the transportation groups $900 million fund.
The breadth of its service offering was impressive, and we are pleased with the job State Street has done for us thus far, said Paul Goddard, group pensions manager at Stagecoach. As our investments diversify we feel that we can benefit by integrating our investment servicing arrangements under one provider.
According to State Street, which will provide the services from its Edinburg office: A number of our UK pensions customers have expanded their relationships with us in the past year particularly those, like Stagecoach, which joined State Street through our acquisition of Deutsche Banks Global Securities Services business, said Alasdair Reid, head of State Streets Asset Owner Group in Northern Europe.