LONDON--(BUSINESS WIRE)--
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."
State Street Corporation (NYSE: STT) is the world's leading provider of
financial services to institutional investors, including investment
servicing, investment management and investment research and trading.
With $14.0 trillion in assets under custody and $1.7 trillion in assets
under management at September 30, 2008, State Street operates in 26
countries and more than 100 geographic markets worldwide. For more
information, visit State Street's website at www.statestreet.com.
Source: State Street Corporation
Contact: State Street Corporation
Carolyn Cichon, 617-664-8672