State Street has expanded its relationship with the U.K.’s Pension Protection Fund (PPF) to include risk services for its £2 billion (C$3.7 billion) in assets.
State Street was appointed in 2005 to provide global custody, fund accounting, and other services for the PPF, while State Street Global Advisors, the company’s investment management arm, has also been managing an active U.K. equity mandate for PPF since 2007.
“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,” says Martin Clarke, executive director of financial risk of the PPF.
“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,” says Mark Westwell, head of account management for State Street’s investor services team in the United Kingdom, Middle East and Africa.