UK – The 600 million-pound (854 million-euro) Tate & Lyle Group Pension Scheme has named State Street as its securities lending agent.
The move follows the sugar company’s decision to award State Street with global custody and investment accounting in January this year.
“State Street worked diligently with us to fully understand our unique requirements and to develop a securities lending program that would fit our investment style,” said Viv Tierney, financial controller and secretary to the trustee of the scheme.
“Since we are first-time lenders, State Street’s thorough approach to risk management was a key factor in our decision, as was its global scale and our very satisfactory relationship with the company thus far.”
“We are delighted to expand our relationship with Tate & Lyle to include securities lending services, and we look forward to working together with them to achieve their investment goals,” said Bob Ash, London-based senior vice president and head of State Street’s securities finance activities in Europe.
“We are pleased to see increasing numbers of organizations recognizing the value of a securities lending program, and we see great opportunities for growth in securities financing activities worldwide,” Ash added.
Separately, State Street said it has been appointed to provide investment services to Helsinki-based Evli Bank, a privately owned Finnish investment services company.
“We now have a number of leading institutional clients in this market including AP2, Sweden’s second national pension fund, and we look forward to building on this strong base,” said Rod Ringrow, State Street’s head of sales for the Nordic region.