State Street expands services to UK PPF
02 March 2011 London
Image: Shutterstock
State Street Corporation has extended its relationship with the UK’s Pension Protection Fund (PPF) for a further term to provide services to more than £5 billion in assets. It will also offer securities lending services.
State Street was originally appointed by the PPF in 2005 to provide a range of global custody and administration services, and in 2008 the relationship was retained and extended to include risk analytics, as well as independent valuation of over-the-counter (OTC) derivatives.
Further to last year’s formal tender process by the PPF, State Street has been re-appointed for a five-year term effective 1 January 2011 and the range of services provided has been further extended to include securities lending.
“We re-appointed State Street after a comprehensive tendering process as we felt they were best suited at this point in time to provide custody and asset servicing solutions for our growing investment portfolio” said Martin Clarke, executive director of Financial Risk of the PPF. “As we diversify our assets into new areas, it is important we choose an asset servicing provider who can best meet our needs now and for the immediate future.”
“We are delighted to have been reappointed by the PPF and to further extend the depth of our relationship with them. Supporting their growth and increasing complexity has resulted in the introduction of a number of new products in their service model,” said Mark Westwell, senior vice president of State Street's global services business in Europe, Middle East and Africa. “We will continue to focus on developing solutions to help the PPF meet their strategic objectives. The recent addition of securities lending services is a testament to our ability to support these needs.”
State Street was originally appointed by the PPF in 2005 to provide a range of global custody and administration services, and in 2008 the relationship was retained and extended to include risk analytics, as well as independent valuation of over-the-counter (OTC) derivatives.
Further to last year’s formal tender process by the PPF, State Street has been re-appointed for a five-year term effective 1 January 2011 and the range of services provided has been further extended to include securities lending.
“We re-appointed State Street after a comprehensive tendering process as we felt they were best suited at this point in time to provide custody and asset servicing solutions for our growing investment portfolio” said Martin Clarke, executive director of Financial Risk of the PPF. “As we diversify our assets into new areas, it is important we choose an asset servicing provider who can best meet our needs now and for the immediate future.”
“We are delighted to have been reappointed by the PPF and to further extend the depth of our relationship with them. Supporting their growth and increasing complexity has resulted in the introduction of a number of new products in their service model,” said Mark Westwell, senior vice president of State Street's global services business in Europe, Middle East and Africa. “We will continue to focus on developing solutions to help the PPF meet their strategic objectives. The recent addition of securities lending services is a testament to our ability to support these needs.”
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