State Street is to provide investment services to The Clore Duffield Foundation, a UK charitable organisation with assets of £63 million.
State Street will provide the foundation with global custody and fund accounting services, and The WM Company, a State Street subsidiary, will provide performance measurement services.
“We are very pleased to be working with State Street,” says Dame Vivien Duffield, who chairs the foundation. “State Street was able to offer a package of services which proved very attractive to us, and we look forward to a long and successful partnership with them.”
WM provides a specialist Charity Fund Service which provides rates of return and asset mix information on charity investment portfolios. The service will help the Foundation to benchmark its performance against a universe of over 300 charity funds with a combined market value of nearly £8 billion – close to 60 percent of the total charity fund market in the UK.
“We are delighted to establish this relationship with The Clore Duffield Foundation,” says Alasdair Reid, State Street’s head of UK sales. “We have a very significant presence in the charity sector, and winning this mandate highlights our commitment to build upon that presence and provide charities with an attractive range of specialised, strongly supported products.”
The Clore Duffield Foundation is a grant-giving foundation with a particular interest in supporting children, young people and vulnerable individuals, through other charities.