Edinburgh, Scotland â 28 June, 2005 -- State Street Corporation (NYSE: STT) the worldâs leading provider of services to institutional investors, announced today that it has won a mandate to service $250 million of assets for Den Norske Krigsforsikring (DNK). DNK is a Norwegian insurance company which insures interests attached to vessels, drilling rigs and other maritime concerns against war risk.
Under the terms of the agreement, State Street will provide DNK with custody, investment accounting, foreign exchange and compliance monitoring services. Performance measurement services will also be provided by WM Performance Services, the European performance measurement division of State Street. The account will be serviced from State Streetâs offices in Edinburgh.
"Scandinavia is a vital component of our servicing strategy in Northern Europe, and weâre looking at a number of opportunities to expand our business in the region," said Rod Ringrow, senior vice president and managing director of State Streetâs investor services business in the Nordic region. "Winning this mandate underscores our ability to connect with customers across Europe and provide them with a broad suite of services on any scale."