State Street Corporation (NYSE: STT) the world's leading provider of financial services to institutional investors, announced today that it has expanded its relationship with the UK's Pension Protection Fund (PPF) to include risk services for its £2 billion in assets.
State Street was appointed in 2005 to provide global custody, fund accounting, transition management, cash management and performance measurement services for the PPF. This contract was renewed in July 2008. State Street Global Advisors, the company's investment management arm, has also been managing an active UK equity mandate for PPF since 2007.
"Since our inception in 2005, the scale and complexity of our business structure has changed significantly," said Martin Clarke, executive director of Financial Risk of the PPF. "Having worked together with State Street over the past three years, we felt strongly that they were best placed to provide high quality support and solutions for our evolving business needs and future growth."
"We are delighted to have been re-appointed by the PPF and are looking forward to further developing this relationship and supporting them with transparent access to their valuation, performance and risk data for their growing assets under management," said Mark Westwell, head of account management for State Street's investor services team in the United Kingdom, Middle East and Africa. "Given the dynamics of the pensions industry, the PPF is continually evolving and we are dedicated to supporting them across a comprehensive range of service areas."