State Street Corporation has been appointed to provide a range of investment servicing applications to the Somerfield Pension Scheme for 300 million in assets.
State Street will provide global custody, investment accounting, independent swaps pricing and reconciliation services. In addition, WM Performance Services, the European performance measurement division of State Street, also will provide performance measurement services.
“The swaps pricing and reconciliation services State Street offered us was central to our decision-making process, but we were also impressed by their flexibility and willingness to meet our needs in other areas as well,” says Nick Redman, secretary to the trustees of the Somerfield Pension Scheme. “We are confident that State Street and Somerfield can form a strong partnership in the months and years ahead.”