State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and the largest institutional fund manager in the world, announced that it has been selected by the RAC pension scheme to manage a GBP 75 million currency mandate.
Commenting on awarding the mandate to State Street Global Advisors, Simon Bradley, pensions secretary at the RAC said, “We are pleased to have appointed State Street Global Advisors to manage this mandate. The company’s track record as a leading global currency manager and the strength of its risk-controlled process made it the clear choice.”
SSgA manages more than GBP 36 billion in global currency portfolios (as of 31st March 2005) in all major base currencies.
Kanesh Lakhani, head of European marketing and consultant relations at State Street Global Advisors said, “We are delighted to have won this mandate from the RAC. The win is a tribute to the long-standing expertise of our currency management team. We look forward to working with the RAC to achieve its long-term investment objectives.”