P&G’s UK fund retains State Street for custody
UK – The 450 million-pound (651 million-euro) Procter & Gamble pension fund has re-appointed State Street as its global custodian.
State Street has been custodian for the consumer products group’s UK pension fund for the last three years, and, following a tender process, has been retained.
Allison Kirky, chairman of the investment committee for the pension scheme said that they valued State Street’s “depth of expertise and knowledgeable client service team”.
Jeff Conway, senior vice president of the State Street Corporation commented that the company is advancing its leadership in providing investment-servicing solutions to leading UK pensions.
State Street has expanded its European market share of pension funds and pooled funds in the UK and Germany this year.
Worldwide, the company has 8.8 trillion dollars (7.65 trillion euros) in assets under custody, and 965 billion dollars (839 billion euros) in assets under management.