State Street Corporation has been appointed by Rio Tinto, an international mining group, to provide investment services for USD8bn in assets.
State Street Corporation has been appointed by Rio Tinto, an international mining group, to provide investment services for USD8bn 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,’ says Michael Wrobel of Rio Tinto.
‘We are seeing increased demand from customers to streamline their reporting requirements across service providers,’ says Steve Smit, head of State Street’s investor services business in the UK, 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 ten of the largest pension funds worldwide. State Street’s capabilities include transition management, performance and analytics, foreign exchange, securities lending and proprietary research services.
