Icelandic fund chooses State Street
ICELAND – Iceland’s largest pension fund, the Pension Fund for State Employees (Lifeyrissjodur Starfsmanna Rikisins, “LSR”) has appointed State Street Corporation to provide investment services.
Albert Jonsson, chief investment officer for LSR, said State Street was chosen from five candidates to provide global custody and accounting services for two new global equity funds of LSR, which has $1.4bln in assets and 28,000 members.
“They are the clear market leader in multi-national asset servicing,” Jonsson says. He added that if the service goes well, he will consider transferring more foreign equity portfolios to State Street.
Boston-based State Street is the third largest securities services group with $6.2trn in assets under custody.