Virgin Money has chosen State Street to manage more than 2.6 billion of its assets, as well as serve as Virgin’s investment servicing and transfer agency. Under the mandate State Street will also provide global custody, unit pricing and fund accounting.
State Street Global Advisors will manage the assets in a passive equity strategy, while transfer agency services will be provided by International Financial Data Services, a joint venture between State Street and DST Systems.
“State Street and IFDS offered us a full-service integrated solution for all of our investment needs,” says Mark Hodgkinson, chief executive of Virgin Money. “We were impressed by the scope of activities all parties were able to offer us and are very pleased to be moving into this partnership together.”