The pension fund of Aventis – the Strasbourg-headquartered pharmaceutical company formed in 1999 through the merger of Hoechst AG and Rhone-Poulenc -has appointed State Street to provide Depotbank (custody and accounting) and performance & analytics services to $2.3 billion in assets.
“We are delighted to build our relationship with State Street to include custody, accounting and performance and analytics,” says Dr. Petra Zamagna, head of Benefits Finance & Asset Management for Aventis, and chairman of the investment committee for Aventis Pension Trust. “State Street has clearly demonstrated its commitment to providing Depotbank services and really excels in client service and innovation in the custody services and asset management services. State Street’s thirty years in Germany gives them an in-depth understanding of the market here and of the regulatory environment.”
Stefan Gmuer, senior vice president of State Street in Munich, added: “This mandate is a testament to the strength of our service offerings as well as our ability to win new clients while successfully integrating the global securities services business we acquired from Deutsche Bank. The knowledge capital and additional capabilities we have gained from this acquisition are already reaping results for us.”