London and Edinburgh, Scotland â 13 February, 2006 -- State Street Corporation (NYSE:STT), the world's leading provider of financial services to institutional investors, announced today that it will provide a range of investment servicing solutions to four UK-based pension funds:
State Street has will provide custody and compliance monitoring services for Â£230 million in assets for The Hoover (1987) Pension Scheme. WM Performance Services, the European performance measurement division of State Street, will continue to provide performance measurement services to the scheme, extending a 15-year relationship with this customer. Aon Consulting assisted the Scheme with its search.
The Milk Pension Fund has awarded State Street a new custody mandate for its Â£280 million in assets. Aon Consulting assisted the Milk fund with its search.
State Street will act as custodian for a new Â£80 million mandate from the Dumfries & Galloway Council Pension Fund. The fund previously had a tri-party relationship with State Street through a custody relationship with Deutsche Asset Management (DeAM). Hymans Robertson advised the fund in its search.
The Massey Ferguson Works Pension Trust Limited has appointed State Street as custodian for a new Â£55 million mandate. The fund also previously had a tri-party relationship with State Street through a custody relationship with Deutsche Asset Management (DeAM).
The four funds will be serviced from State Streetâs operations in London and Edinburgh.
âState Street continues to meet the servicing needs of UK pensions schemes, which is a central component of our overall European strategy,â said Alasdair Reid, head of State Streetâs Asset Owner Group in the U.K., Middle East and Africa. âWe are very happy to have added these four customers to our growing client list and look forward to establishing strong partnerships with each of them.â
State Street has also expanded its global relationship with Procter & Gamble.
Building upon State Streetâs partnerships with Procter & Gamble in the U.S. and U.K., State Street will now also provide custody, fund accounting, plan accounting and performance measurement (through WM Performance Services) to the Procter & Gamble Ireland Pension Plan. The fund utilises a Common Investment Fund structure.