State Street Corporation has been reappointed to provide global custody and investment accounting services to the US$2.4 billion Suffolk County Council Pension Fund. In addition to its current services, State Street will now provide the fund with securities lending.
Suffolk County Council has been a State Street customer since September 2000 and will continue to be supported from State Street’s service centre in London. State Street will continue providing global custody and investment accounting services and WM Performance Services, the European performance measurement division of State Street, will continue providing performance measurement services to the fund. The fund was advised by Hymans Robertson during the competitive re-bid process.
“We are pleased to be renewing our partnership with State Street,” says Stefan Oliver, the chairman of the Suffolk County Council Pension Fund Committee. “After a thorough review of the market, we decided that State Street remains best-placed to meet the pension fund’s service requirements. Going forward we hope to greatly benefit from their securities lending expertise.”
“State Street is strongly committed to the UK pension fund market, including local authorities, where we continue to gain traction,” adds Alasdair Reid, the head of State Street’s asset owner group in the UK. “The decision of Suffolk County Council Pension Fund to renew and expand our agreement demonstrates our long-term approach to customer relationships and confirms that our service capabilities remain extremely attractive to both new and existing clients.”