State Street has won a global custody and performance monitoring mandate from the DS Smith Group Pensions Scheme.
Although DS Smith had a relationship with Deutsche Bank Global Securities Services, which State Street acquired last year, the new mandate includes assets previously in custody with JP Morgan Chase. The DS Smith Group Pensions Scheme has more than 800 million in assets.
The WM Company, a State Street subsidiary, will provide performance measurement services.
“We are looking forward to State Street meeting all of our requirements as we migrate to a new investment fund structure with one provider acting as our global custodian,” says Caroline Forsyth, group pensions manager for DS Smith Pensions Group Pension. “We look forward to a long and rewarding relationship with them.”
Sri Pools, State Street’s head of institutional client servicing teams in the UK added that win “highlights the growing recognition of State Street as an established leader in the UK pensions industry. The appointment of the WM Company also illustrates our ability to deliver a fully integrated suite of services to our pensions clients.”