State Street will provide investment servicing to all of the Pension Protection Fundâs assets. Under the terms of the mandate, these services will initially include global custody, fund accounting, transition management, and cash management services. WM Performance Services, the European performance measurement division of State Street, will render performance measurement services.
"We are delighted to have awarded this mandate to State Street at the end of an extensive and highly competitive selection process," said Partha Dasgupta, chief investment officer of the Pension Protection Fund. "We feel that the quality of their team and their commitment to all aspects of the investment servicing business set them apart from their competitors, and we look forward to establishing a strong relationship."
"The Pension Protection Fund is an important new entrant on the U.K. pensions landscape, which makes this mandate a very strategic piece of business for us to win," said Alasdair Reid, head of State Streetâs Asset Owner Group in Northern Europe. "Our leadership in providing investment servicing and management solutions to the U.K. pensions industry continues to expand, and we very much look forward to helping the Pension Protection Fund as it develops in the coming years."
Mercer Investment Consulting assisted the Pension Protection Fund in its selection process. The fundâs assets will be serviced from State Streetâs operations in Edinburgh.
State Street Corporation (NYSE: STT) is the worldâs leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management as of March 31, 2005, State Street operates in 25 countries and more than 100 markets worldwide.
WM Performance Services is one of the worldâs leading investment performance measurement businesses and is the European performance measurement division of State Street. Based in Edinburgh, London, Amsterdam, Frankfurt and Zurich, WM measures more than 6,000 investment portfolios based in the key global investment centres and provides an extensive range of services to support better investment decisions.