State Street Corporation is to provide a range of investment servicing solutions to five UK-based pension funds.
They are to provide the 450 million Rolls Royce & Bentley Pension Fund with custody, fund accounting and compliance monitoring services. In addition, WM Performance Services (WM), the European performance measurement division of State Street, will also provide performance measurement services to the fund’s assets.
The British Medical Association Pension Scheme has awarded State Street a new mandate to provide global custody and investment accounting services for its 140 million fund. WM will also provide performance measurement services to the fund beginning in April 2007. Mercer Investment Consulting advised the scheme during the selection process.
Expanding upon an existing relationship, the London Borough of Tower Hamlets Pension Fund has appointed State Street to provide custody and fund accounting for an additional 240 million in assets. WM Performance Services currently provides performance measurement services to the fund. In total, State Street now services more than 600 million in assets for the fund. The fund was advised by Hymans Robertson.
Ockham Pension Scheme, previously a State Street customer through a tri-party custody relationship, has appointed State Street to provide custody and fund accounting services for 70 million in assets. These assets are currently being managed within a liability-driven investment (LDI) fund structure.
The PONL Pension Scheme has awarded State Street a new mandate to provide custody services for 50 million in assets. Watson Wyatt advised the fund during the selection process.
The five funds will be serviced from State Street’s operations in London, Edinburgh and Cape Town.
“State Street is very pleased to expand on our leadership position in the UK pensions market, a segment which is a key component of our business strategy across Europe,” says Alasdair Reid, the head of State Street’s Asset Owner Group in the UK, Middle East and Africa. “We are delighted to be able to meet the needs of such a wide range of customers and look forward to developing partnerships with each of these new clients.”