State Street has renewed its mandate with the 14 billion British Airways UK pension fund.
State Street will provide British Airways with custody, accounting, performance measurement, securities lending, trade matching and cash management. State Street has provided a range of investment services to British Airways since 1997 – although the custody the Fund was previously serviced by Deutsche Bank’s Global Securities Services, which was bought by State Street in 2003.
The fund is currently running a deficit of 3.7 billion.
State Street has also opened a new Irish headquarters in Dublin. By the end of this year, the new 165,000 square foot building, located at 78 Sir John Rogerson’s Quay, will house more than 1,100 State Street employees across its global services and alternative investment solutions businesses