Paternoster awards custody brief to State Street
UK - New pensions buyout firm Paternoster has appointed State Street to provide it with custody and securities lending services.
The appointment followed a competitive tender process, the companies said. The business will be serviced from State Street's operations in Edinburgh and London. Financial terms were not disclosed.
We are delighted to have formed this partnership," said Paternoster chief executive Mark Wood.
"State Street's expertise meets Paternoster's objective of collaborating with only the most skilled and accomplished in the industry.
"The tender process demonstrated their determination to work in support of Paternoster on behalf of our customers. This appointment will help Paternoster deliver the best possible returns and benefits for its scheme members."
Alasdair Reid, head of State Street's asset owner group in the UK, added: "The importance of this new relationship for State Street cannot be understated. State Street has recognised that more and more closed defined benefit schemes will transfer their liabilities to the bulk annuity market as a long-term solution.
"As such we view our relationship with Paternoster as another strategic component to the growth of our UK and European asset owner business."