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SSgA awarded two investment mandates by UK National Employment Savings Trust Corporation

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State Street Global Advisors (SSgA), the asset management business of State Street Corporation (NYSE: STT) has been awarded two of the five available investment mandates by the U.K. National Employment Savings Trust Corporation (NEST).

 
SSgA was awarded the passive UK index linked gilt and conventional gilt investment mandates after a competitive procurement process.  
 
Kanesh Lakhani, head of State Street Global Advisors, UK says: “We are delighted to have been awarded two of the five available investment mandates by NEST. We are particularly pleased that our fixed income fund management capabilities have been recognised in the NEST procurement process. This is a great opportunity to work for what will be a significant step in UK pension savings. SSgA already works with many of the world’s largest pension funds managing a range of investment strategies to deliver on our clients’ investment objectives.”
 
NEST (National Employment Savings Trust) is a new pension scheme in the UK created to help employers meet new legal duties to automatically enrol workers into a workplace pension scheme, to be introduced in the UK in 2012. The scheme will serve up to six million workers in the UK who have no occupational pension provision. It will operate as a trust-based occupational pension scheme run by NEST Corporation.
 
Last November, State Street was also awarded the contract for fund administration services for NEST.

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