State Street wins ChevronTexaco Europe custody
EUROPE - State Street Corp. says it has won $2bn (E1.5bn) in global custody from oil firm ChevronTexaco Corp.’s European pension plans.
State Street said it has been appointed to provide global custody, investment accounting, securities lending, and performance measurement services for the schemes in the UK, Netherlands, Ireland, and Belgium.
State Street already provides custody for the company’s $7bn US pension plan.
According to ‘International Pension Funds and their Advisors’, the incumbent firm was JP Morgan Investor Services, whose spokespeople did immediately provide comment. David Baker, regional manager of total remuneration for Europe at ChevronTexaco UK Ltd., declined to comment.
"We are delighted to build on our relationship with ChevronTexaco to service their European plans," said Alasdair Reid, head of State Street's asset servicing group in northern Europe.
"State Street continues to benefit from the growing trend of pension plans looking for fully-integrated service providers, and clients such as ChevronTexaco look to us for world-class service and global support."
State Street said its has won more than 100 new investment servicing mandates in the UK in the last year.