State Street Corporation has been retained by BP Pension Trustees Limited for the Fund’s approximately 14 billion in assets.
State Street will provide custody, accounting, securities lending and performance measurement services for the BP Pension Fund from its offices in Edinburgh and London. State Street has serviced BP’s main UK pension scheme since 1987. The Fund was advised by Hewitt Associates in its review.
“We have enjoyed a long-standing, successful relationship with State Street and look forward to building on this partnership,” says Sally Bridgeland, BP Pension Trustees.
“We are extremely pleased to be reappointed by BP Pension Trustees. After more than two decades of working together, we look forward to extending our very productive partnership,” adds Michael Walsh, senior vice president and managing director of State Street’s investment servicing business in the United Kingdom, Middle East and Africa.