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(Feb-2005): State Street gets mandate for Chevron Texaco pension plans
StateStreet Corporation has picked up a key pension plan mandate with its appointment recently to provide global custody, investment accounting, securities lending and performance measurement services to a number of Chevron Texaco Corporation’s European pension plans.
The mandate extends to pension plans in the United Kingdom, Netherlands, Ireland and Belgium and covers more than $US2 billion in assets.
State Street already services the $US7 billion in assets of Chevron Texaco’s pension plan in the United States.
Commenting on the appointment, State Street vice president, Alasdair Reid said the company continued to benefit from the growing trend of pension plans looking for fully-integrated service providers.
He said State Street was continuing to win significant new business in Europe having picked up more than 100 new investment servicing mandates in the UK in the past 12 months alone.
AUTHOR
Mike Taylor
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