UK – State Street Corp. says it has retained a 10 billion-pound (14.4 billion-euro) custody mandate from the British Airways Pension Trustees’ pension fund - previously serviced by the Deutsche Bank’s Global Securities Services arm it bought in 2003.
“State Street will provide the in-house managed fund with global custody, fund accounting and securities lending services,” the bank said in a statement. It will provide performance measurement through WM Co., which it gained throught the GSS deal.
“We conducted a thorough review of investment service providers,” John Birch, managing director of British Airways Pensions, was quoted as saying in the statement.
“State Street’s proven commitment to the investment servicing business and its ability to provide premier core services and innovative solutions were important factors in our decision.”
“This win once again demonstrates State Street’s leadership in providing both integrated servicing solutions and industry leading analytics,” said Alasdair Reid, head of State Street’s asset servicing group in northern Europe.
The scheme was previously serviced by GSS, which State Street bought for 1.5 billion dollars. After the acquisition, the brief was put out for competitive bid earlier this year, State Street said. It added the scheme was advised by consulting firm Thomas Murray.
State Street said its has won 79 new investment servicing mandates up to September.
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