State Street has been appointed by two local authority pension funds in London – the boroughs of Havering and Greenwich. Between them, they have assets worth £750 million.
The London Borough of Havering (LBH) Pension Fund has appointed State Street to provide custody services for £250 million in assets. “Havering Council is very pleased to have appointed State Street as its investment provider,” says Councillor Roger Ramsey, Lead Member for Resources at LBH. “State Street’s client service and proven commitment to the business were the main factors in its appointment. We are looking forward to working in a long and successful partnership in the future.”
The London Borough of Greenwich (LBG) Superannuation Fund has also appointed State Street to provide fund accounting for £500 million in assets. This mandate builds on an existing relationship with LBG, as State Street was appointed as its global custodian in June 2003. LBG have been impressed with the level of service and expertise that the State Street team brought to its account, which was a factor in now awarding this broader remit.
“We’ve seen what State Street can accomplish as our global custodian,” says Chris Perry, LBG’s Director of Finance. “We’re looking forward now to having its expertise focus on our fund accounting needs.”
With these two mandates, State Street now provides investment services to a total of 26 public funds in the UK. “We are delighted to have been selected for these two mandates,” says Alasdair Reid, State Street’s head of pension fund sales in the UK. “They clearly demonstrate that both new and existing clients continue to be impressed with our service offerings, our commitment to the UK pension fund market and our specialised services for local authorities.”