LONDON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), the world's leading provider of
financial services to institutional investors, announced today that it
has been appointed by Rio Tinto, a leading international mining group,
to provide investment services for $8 billion in assets.
State Street will provide Rio Tinto with custody, fund accounting,
securities lending and investment analytics services for its Canadian,
US and UK pension schemes. The services will be provided from State
Street's operations in London and Montreal.
"State Street's ability to service our schemes in multiple domiciles
though a single, global platform was an attractive option for us, whilst
also allowing us to reduce costs across geographies," said Michael
Wrobel of Rio Tinto.
"We are seeing increased demand from customers to streamline their
reporting requirements across service providers," said Steve Smit, head
of State Street's Investor Services business in the United Kingdom,
Middle East and Africa. "With State Street's global reach and local
support teams, we can provide a seamless solution for pension funds with
needs in multiple regions."
State Street provides investment services for pension assets globally,
including 10 of the largest pension funds worldwide. State Street's
broad range of capabilities include transition management, performance
and analytics, foreign exchange, securities lending and proprietary
research services.
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 $11.3 trillion in assets under custody and $1.4 trillion in assets
under management at March 31, 2009, State Street operates in 27
countries and more than 100 geographic markets worldwide. For more
information, visit State Street's web site at www.statestreet.com.
Source: State Street Corporation
Contact: State Street Corporation
Carolyn Cichon, 1-617-664-8672