State Street adds securities lending to Lufthansa mandate
14 November 2011 Munich
Image: Shutterstock
State Street has announced it will now be providing securities lending services to Lufthansa German Airlines group.
“We chose to extend our relationship with State Street as we have been extremely pleased with the multi-location service capabilities and the continued service excellence provided across all parts of the business since our relationship commenced,” said Axel Tilmann, senior vice president Group Finance, Deutsche Lufthansa.
State Street was originally appointed by Lufthansa in 1998 to provide custody and accounting for the German KAG Spezialfonds - which are a type of fund structured much like mutual funds but with a single investor backing it. Since then, the firm has gone on to provide a range of services to Lufthansa in multiple domiciles such as investment compliance, performance analytics and risk analysis.
“We are delighted that Lufthansa has expanded their relationship with State Street. We are committed to fulfilling the complete servicing needs of Lufthansa and their confidence in State Street’s ability to do this is evident through the development of our partnership,” said Stefan Gmuer, executive vice president and head of State Street’s Global Services business in Continental Europe.
“We chose to extend our relationship with State Street as we have been extremely pleased with the multi-location service capabilities and the continued service excellence provided across all parts of the business since our relationship commenced,” said Axel Tilmann, senior vice president Group Finance, Deutsche Lufthansa.
State Street was originally appointed by Lufthansa in 1998 to provide custody and accounting for the German KAG Spezialfonds - which are a type of fund structured much like mutual funds but with a single investor backing it. Since then, the firm has gone on to provide a range of services to Lufthansa in multiple domiciles such as investment compliance, performance analytics and risk analysis.
“We are delighted that Lufthansa has expanded their relationship with State Street. We are committed to fulfilling the complete servicing needs of Lufthansa and their confidence in State Street’s ability to do this is evident through the development of our partnership,” said Stefan Gmuer, executive vice president and head of State Street’s Global Services business in Continental Europe.
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