State Street says the Local Government Pensions Institution (LGPI) of Finland has confirmed the bank will be successor as its custodian and fund administrator to Deutsche GSS. State Street says the re-appointment follows a formal review process conducted via the European Journal.
“Following State Street’s acquisition of Deutsche Bank’s global custody business we wanted to benchmark what else was available in the marketplace,” explains Ari Huotari, Chief Investment Officer at LGPI. “State Street proved they were able to enhance the service by introducing new technology and services but at the same time retaining the key Deutsche personnel with whom we have excellent working relationship. “
The LGPI fund was worth Euros 12.04 billion at the end of last year. It provides pensions for over 465,000 local government employees in Finland.
” We are very excited about continuing the relationship with LGPI and look forward to working with them for many years to come,” adds Alasdair Reid, State Street’s head of pension fund sales in Scandinavia. “The appointment underscores State Street’s compelling product and service offering for European pension funds and further demonstrates our ability to integrate Deutsche’s European client base in an extremely competitive environment.”