Initially, State Street was appointed by the PPF in 2005 to provide 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.
Further to last year’s formal tender process by the PPF, State Street has been re-appointed for a five-year term effective 1 January 2011 and the range of services provided has been further extended to include securities lending.
PPF executive director of Financial Risk Martin Clarke said that PPE re-appointed State Street after a comprehensive tendering process as the company felt they were best suited at this point in time to provide custody and asset servicing solutions for the growing investment portfolio.
"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," Clarke said.
State Street’s global services business senior vice president of Europe, Middle East and Africa Mark Westwell said that State Street
will continue to focus on developing solutions to help the PPF meet their strategic objectives. The recent addition of securities lending services is a testament to the ability to support these needs.
