NETHERLANDS – The e150bn public sector pension fund ABP has appointed State Street to provide investor services and global securities lending for US$21bn (e24.5bn) in US and Japanese assets.
“ Our first-hand knowledge of State Street’s industry-leading innovation, expertise and technology was the key driver behind our decision to award this important mandate to State Street,” says Ton Berendsen, member of the board of directors of ABP Investments.
“ We have every confidence that State Street will provide us with the level of flexibility and global support we need to solve increasingly complex asset servicing challenges and to allow us to focus on our core business,” he adds.
Earlier this year, ABP took a one third stake in State Street Global Alliance, a joint venture focusing on partnering with innovative asset management specialty firms. The relationship of the two companies goes back to 1991, when the fund chose State Street Global Advisors for equity index management.
“ In addition to affirming our leadership in providing sophisticated investment and global securities lending services to major global investment managers, this mandate allows us to continue to foster the momentum we are building in two of our targeted high-growth markets: Europe and Japan,” says Ronald Logue, vice chairman and chief operating officer of State Street.