Medical society taps State Street for custody

UK - The Medical Protection Society Ltd. has awarded State Street a custody and transition management services brief and has retained its asset management arm for its 460 million-pound (688.7 million-euro) portfolio.

State Street Global Advisors has been working for the fund as asset manager for the last three years and will continue to manage a 300 million-pound bond portfolio, and a 160 million-pound enhanced equity portfolio.

MPS finance director Simon Kayll said: “State Street has provided us with investment management expertise for more than three years and we’re pleased to now expand on that relationship to include their proven investment servicing expertise.”

“We are delighted to receive this vote of confidence from MPS based on our track record to date,” said Kanesh Lakhani, head of European marketing and consultant relations at State Street Global Advisors.

The Medical Protection Society – which provides advice and indemnity to doctors facing legal problems - has 200,000 members around the world.

State Street has 9.1 trillion dollars in assets under custody and 1.2 trillion dollars in assets under management.

The society provides advice and indemnity to doctors facing legal problems arising from their clinical practice.

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