SPW taps State Street for fund accounting
NETHERLANDS – The 2.4 billion-euro Dutch housing association scheme Stichting Pensioenfonds voor de Woningcorporaties has expanded its relationship with State Street Corp.
“Building on its existing relationships in global custody and securities lending services, State Street will now also provide fund accounting, foreign exchange, cash management and compliance monitoring to SPW,” State Street said in a release.
State Street’s WM Co, will provide an “expanded range” of performance measurement.
"We enjoy a particularly strong relationship with State Street," said Jan Kloet, general manager of SPW's administration office. "After undergoing a formal review process, we are delighted to reappoint State Street, and we look forward to seeing what the added breadth and depth of their increased service offering can do for us."
"SPW is one of the major clients we transitioned in the Netherlands following the Deutsche Bank Global Securities Services transaction," said Rod Ringrow, senior vice president of State Street.
"SPW had been serviced by Deutsche GSS for eight years, and we are delighted that they have the confidence in State Street, and we're pleased to build upon our existing relationship.
“In the wake of our appointment by ABN Amro Asset Management to provide investment operations services for 75 billion euros in assets, we now have more than 100 people working in our Amsterdam office. This mandate, along with our expanding portfolio of clients, underscores our commitment to the Dutch market and its importance to us."