Source: State Street
State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that it has been reappointed by Lloyds TSB Group Pension Schemes to provide investment services for the Schemes' assets, which are currently valued at £11 billion.
Lloyds TSB Group plc is a leading UK-based financial services group with total group assets of £280 billion (as at 31 December 2004).
Under the terms of the five-year agreement, State Street will provide custody, fund accounting, securities lending and bespoke reporting services to the Lloyds TSB Group Pension Schemes. WM Performance Services, the European performance measurement division of State Street, will also continue to provide performance measurement services. The terms of the initial mandate, signed in 2000, covered only custody, with the other services having been added gradually over the course of the relationship.
"We are very happy to reappoint State Street as our investment services provider," said Colin Grindle, head of Pensions at Lloyds TSB. "The level of support has been first-class, and we have been particularly pleased with their levels of interaction and willingness to partner with us. In particular, the bespoke reporting State Street provides has helped us significantly streamline our back office operations."
"Lloyds TSB is a valued customer, and we are delighted to extend our relationship," said Alasdair Reid, head of State Street's Asset Owner Group in Northern Europe. "The history of our relationship speaks for itself – we are very proud of our ability to establish meaningful partnerships with our customers and offer them additional solutions to meet their expanding needs as they arise."