State Street Corporation has announced that it has been re-appointed for a five-year term effective 1 January 2011 for the UK’s PPF, in order to provide range of services to more than 5 billion in assets. The re-appointment will also mean that it will now provide securities lending.
State Street, which has $21.5 trillion in assets under custody and administration and $2 trillion in assets under management as of December 31, 2010 was originally appointed by the PPF in 2005 to provide a range of global custody and administration services, and in 2008 the relationship was retained and extended to include risk analytics, as well as independent valuation of over-the-counter (OTC) derivatives.
We re-appointed State Street after a comprehensive tendering process as we felt they were best suited at this point in time to provide custody and asset servicing solutions for our growing investment portfolio said Martin Clarke, executive director of Financial Risk of the PPF. As we diversify our assets into new areas, it is important we choose an asset servicing provider who can best meet our needs now and for the immediate future.