State Street Global Advisors Awarded £1.4 Billion Mandate by Merseyside Council
State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE: STT), has announced today that it has been appointed by Merseyside Council to manage £1.4 billion in assets of its pension fund, bringing the assets SSgA manages for the Local Authority sector to more than £7 billion.
Merseyside Council has selected SSgA's Managed Pension Funds Limited (MPF) fund, a UK-domiciled pooled fund vehicle for pension fund investors, for this mandate. MPF offers a suite of pooled funds across the major asset classes and provides investors with cost-effective access to a broad range of investment strategies. The assets from this latest mandate will be allocated among passive UK, North America and Index-Linked Gilt funds within the firm's Managed Pension Fund vehicle.
Paddy Dowdall, investment manager at Merseyside Council said, “SSgA is a leading index manager and having thoroughly reviewed its service, we believe it offers the most attractive investment solution for managing this mandate in terms of quality and price. We selected SSgA for several reasons, including its high performance levels, broad range of services and strong risk controls and we are delighted to be working with them for this mandate.”
Susan Raynes, head of SSgA's UK, Middle East and Africa (UKMEA) business, added, “We are committed to providing the Local Authority sector with an array of investment management solutions to guide them through the many challenges and opportunities the industry faces. We are extremely pleased Merseyside Council has selected SSgA's MPF fund for this mandate and look forward to building our relationship.”
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset management. The firm is relied on by sophisticated investors worldwide for its disciplined investment process, powerful global investment platform and access to every major asset class, capitalization range and style. SSgA is the asset management business of State Street Corporation, one of the world's leading providers of financial services to institutional investors.
About Merseyside Pension Fund
Wirral Council administers Merseyside Pension Fund, which is the Local Government Pension Scheme for the Merseyside area. Most employees of Wirral Council are eligible to join Merseyside Pension Fund.
State Street Global Advisors Limited. Authorised and regulated by the Financial Services Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ - Telephone: 020 3395 6000 - Facsimile: 020 3395 6350 - Web: www.ssga.co.uk
This communication is directed at professional clients (this includes eligible counterparties as defined by the Financial Services Authority) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.
Investing in the Managed Pension Fund is effected by means of an insurance policy written by Managed Pension Funds Limited, a member of the State Street group of companies. This document should not be construed as an invitation or inducement to engage in investment activity. The Managed Pension Fund is available to pension schemes (including overseas schemes) registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circulated to the Trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Services Authority). It should not be circulated to or relied upon by any other persons. In particular scheme members should consult with their employer or scheme trustee. Please note that neither State Street Global Advisors Limited or Managed Pension Funds Limited offer actuarial services and any investment service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for, the calculation of projected liabilities. Any illustrations exclude the impact of fees, and actual investment returns may differ from projected cashflows, these projected cashflows are not projections of any future benefit payable under a specific policy.
Investing involves risk including the risk of loss of principal.
Although bonds generally present less short-term risk and volatility risk than stocks, bonds contain interest rate risks; the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk. This effect is usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
© 2012 State Street Corporation - All Rights Reserved
State Street Corporation
Noreen Shah, +44 (0)20 3395 7073