UK’s Greenwich names State Street as custodian
UK – The 400 million pound (573 million euro) Greenwich Superannuation Fund in London has appointed State Street Corp. as global custodian.
Alasdair Reid, State Street's head of pension fund sales in the UK, said: "We are delighted with this appointment, particularly at such an exciting time for State Street, coinciding with the excellent progress we are making in integrating the Global Securities Services businesses that we recently acquired.
The Boston-based bank recently bought DeAM’s custody business, Global Securities Services, for 1.5 billion dollars. DeAM previously serviced Greenwich.
“This mandate further highlights our leading position in the UK pension fund market and particularly as a specialist provider to local authorities," Reid added.
After changing to a specialist fund manager structure, Greenwich has consolidated its custody relationship with one provider, State Street. It had previously used both Deutsche and JP Morgan Chase.
Greenwich’s director of finance Chris Perry said: "We look forward to State Street meeting all of our requirements as we move toward a new investment fund structure. We anticipate a long term relationship with them."