London – December 01, 2004 – State Street Corporation (NYSE: STT), the world’s leading provider of services to institutional investors, announced today that it has been appointed as investment service provider for the British Airways Pension Trustees’ pension fund, with assets of £10 billion.
State Street will provide the in-house managed fund with global custody, fund accounting and securities lending services. In addition, State Street will provide performance measurement services through The WM Company, its Edinburgh-based performance analytics and evaluation business.
"This win once again demonstrates State Street’s leadership in providing both integrated servicing solutions and industry leading analytics," said Alasdair Reid, vice president and head of State Street’s dedicated asset owner servicing group in northern Europe, Africa and the Middle East. "We are delighted to have been appointed by British Airways."
The British Airways Pension Trustees pension fund was previously serviced by Deutsche Bank’s Global Securities Services (GSS) unit. Following State Street’s acquisition of the GSS business in 2003, the British Airways mandate was put out for competitive bid earlier this year. British Airways was advised in the selection process by Thomas Murray, the specialist custody and ratings consultancy.
State Street continues to win significant new business in Europe. Through September of this year in the U.K. alone, State Street has won over 79 new investment servicing mandates.
"We conducted a thorough review of investment service providers," said John Birch, Managing Director of British Airways Pensions. "State Street’s proven commitment to the investment servicing business and its ability to provide premier core services and innovative solutions were important factors in our decision."
State Street’s offices in Austria, Belgium, France, Germany, Ireland, Italy, Switzerland and the U.K., along with its fund-servicing centre in Luxembourg, enable it to provide clients with local support and service, global scale and implementation. With more than 30 years of experience in working with clients in Europe, State Street is easily able to meet the requirements of institutional investors such as pension funds, multinational corporations, unit trusts, insurance companies, asset managers and government agencies
State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management, investment research and trading services. With $9.0 trillion in assets under custody, and $1.2 trillion in assets under management, State Street operates in 24 countries and more than 100 markets worldwide.
