Edinburgh, Scotland â 10 May 2005 -- State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that it has won two mandates to service Â£950 million in assets for the AMEC Staff and Executive Pension Schemes, the UK pension arrangements of AMEC plc. AMEC is an international project management and services company, employing approximately 44,000 people in 40 countries worldwide.
Under the terms of the mandate, State Street will provide the Â£900 million AMEC Staff Pension Scheme with a range of services including custody, investment accounting, cash management and foreign exchange. State Street will also provide the Â£50 million AMEC Executive Pension Scheme with custody and fund accounting services. All of the assets will be serviced from State Streetâs offices in Edinburgh. AMEC was assisted by Mercer Investment Consulting in its selection of a global custodian.
"State Street offered us an excellent range of core and peripheral custody products," said Garry Lloyd, corporate pensions manager at AMEC plc. "We were also impressed by their understanding of client needs, and their flexible approach in meeting these needs suited us very well."
"As the role of the global custodian continues to expand, it becomes increasingly crucial to continually offer your customers more, both in terms of product offerings and creative customer service," said Alasdair Reid, head of State Streetâs Asset Owner Group in Northern Europe. "State Streetâs increasingly prominent position in the marketplace testifies to our capacity to meet our customersâ needs in all areas of investment services, and winning these mandates is yet another step in that direction."