UK's Havering taps State Street for custody

UK - State Street says it has been awarded a 250 million-pound (364 million-euro) custody brief by the London Borough of Havering Pension Fund.

"Havering Council is very pleased to have appointed State Street as its investment provider," Roger Ramsey, lead member for resources at the council was quoted as saying in a State Street release.

"State Street's client service and proven commitment to the business were the main factors in its appointment. We are looking forward to working in a long and successful partnership in the future." He was not immediately available for comment directly.

And State Street also said that it has been awarded a fund accounting brief by the London Borough of Greenwich Superannuation Fund. This brief, accounting for 500 million pounds in assets, builds on the scheme's existing global custody relationship with State Street.

"We've seen what State Street can accomplish as our global custodian," said Chris Perry, Greenwich's director of finance said.

"We're looking forward now to having its expertise focus on our fund accounting needs."

The Boston-based bank said that it now provides investment services to 26 public funds in the UK. "We are delighted to have been selected for these two mandates," said Alasdair Reid, State Street's head of pension fund sales in the UK.

"They clearly demonstrate that both new and existing clients continue to be impressed with our service offerings, our commitment to the UK pension fund market and our specialised services for local authorities."

Meanwhile, State Street Global Advisors has been appointed by Liontrust Asset Management Plc to manage a 75 million-pound passive equity mandate for Liontrust's Top 100 index fund.

"We've chosen State Street Global Advisors as our index manager because of their industry-wide reputation and ability to achieve growth for their institutional clients," said Liontrust chief operating officer Vinay Abrol.

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