Sections

Abbey does not deny State Street fund link

UK - Financial services firm Abbey National has not denied a newspaper report that it plans to outsource 28 billion pounds of funds (40 billion euros) to State Street.

The Glasgow Herald daily said Abbey National is poised to announce a deal on January 22. It quoted an unnamed source as saying that the Boston-based bank would take over “all equity and bond management”.

A company spokeswoman said the report was speculation. Abbey has also issued a statement saying: “Abbey is reviewing a number of its businesses following the announcement of its PFS strategy earlier this year.”

“As part of that overall review, a project to determine the way forward for our investment activities is currently underway.

“This is an extensive project, which covers a range of options. The aim is to find the best way for us to meet the needs and expectations of our customers and investors.

A spokeswoman for State Street declined to comment.

Abbey has recently undergone a rebranding exercise and has stated that it wants to focus solely on UK personal financial services, or PFS. In 2003 it made a series of disposals of assets that did not fit with this strategy.
© IPE International Publishers Limited | Conditions

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2488

    Asset class: Euro Investment Grade (Enhanced) Passive ESG Credits.
    Asset region: Europe.
    Size: EUR 500 to 600 million.
    Closing date: 2019-01-10.

  • DS-2497

    Closing date: 2019-01-09.

  • QN-2498

    Asset class: Fixed Income Investment Grade.
    Asset region: Global Developed Markets.
    Size: $50m.
    Closing date: 2019-01-07.

  • DS-2499

    Closing date: 2019-01-02.

  • DS-2500

    Closing date: 2019-01-10.

Begin Your Search Here