State Street Corporation will provide a range of investment servicing solutions to four UK-based pension funds, with nearly GBP650 million in combined assets.
“State Street continues to meet the servicing needs of UK pensions schemes, which is a central component of our overall European strategy,” said Alasdair Reid, head of State Street’s asset owner group in the UK, Middle East and Africa. “We are very happy to have added these four customers to our growing client list and look forward to establishing strong partnerships with each of them.”
State Street has will provide custody and compliance monitoring services for GBP230 million in assets for The Hoover (1987) Pension Scheme.
The Milk Pension Fund has awarded State Street a new custody mandate for its GBP280 million in assets. Aon Consulting assisted the Milk fund with its search.
State Street will act as custodian for a new GBP80 million mandate from the Dumfries & Galloway Council Pension Fund. The fund previously had a tri-party relationship with State Street through a custody relationship with Deutsche Asset Management (DeAM). Hymans Robertson advised the fund in its search.
The Massey Ferguson Works Pension Trust Limited has appointed State Street as custodian for a new GBP55 million mandate. The fund also previously had a tri-party relationship with State Street through a custody relationship with Deutsche Asset Management (DeAM).
The four funds will be serviced from State Street’s operations in London and Edinburgh.