UK - State Street says it has been awarded around £700 (€1bn) in custody from four UK local authority pension funds - one in Wales and three London boroughs.

It said it has become sole custodian at the £850m Rhondda Cynon Taf Borough Council Superannuation Fund, extending a previous relationship under which it serviced £500m.

And it said the Lambeth Superannuation Fund has awarded it a new mandate to provide custody, fund accounting and commission recapture services for £115m of assets.

The Barking & Dagenham Superannuation Fund has appointed it as sole global custodian for £415m in assets. State Street would also provide investment accounting and transition management.

The £355m Waltham Forest Pension Fund has extended its relationship with the US bank - appointing it as the sole custodian. It would also provide investment accounting.

"The UK pensions sector is a vital component of our European strategy, and specifically, we have a proven track record of meeting the financial servicing needs of UK local authorities," said Alasdair Reid, head of State Street's asset owner group in Northern Europe.

"We are delighted to continue making new inroads into the market, but it is just as important for us to see local authorities cite our impressive service history as they extend their relationships with us."