UK - The UK National Employment Savings Trust (NEST) has hired State Street as its fund administrator, awarding the company a 10-year contract.
Additionally, the scheme has announced details of a number of investment mandates it will tender later this week, including a passive global equity fund, as well as exposure to UK gilts.
NEST said State Street would provide end-to-end fund administration and custody services, with State Street vice-chairman Joe Antonellis saying the company was "extremely honoured" to be awarded the contract.
Tim Jones, chief executive at NEST, said: "We are delighted to have this contract in place. It was a strong competition, and we are now well placed to deliver a first-rate service at low cost to members."
State Street's fund administrator mandate was first announced earlier this year, while Tata Consulting Services (TCS) was previously announced as the successful bidder for the scheme's administration contract, although it was the only bidder left by the end of the tender process.
NEST said it was confident TCS would be confirmed in its role by scheme trustees and the government later this month.