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Paternoster, the specialist pension buy-out insurance company, has appointed State Street Corporation ("State Street"; NYSE:STT) to provide it with custody and securities lending services.
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| State Street is appointed after a competitive tender process. The business will be serviced from State Street's operations in Edinburgh and London.
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| Commenting on the appointment, Mark Wood, Paternoster chief executive, said, "We are delighted to have formed this partnership. State Street's expertise meets Paternoster's objective of collaborating with only the most skilled and accomplished in the industry. The tender process demonstrated their determination to work in support of Paternoster on behalf of our customers. This appointment will help Paternoster deliver the best possible returns and benefits for its scheme members."
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| Alasdair Reid, head of State Street's Asset Owner Group in the UK, added, "The importance of this new relationship for State Street cannot be overstated. State Street has recognised that more and more closed defined benefit schemes will transfer their liabilities to the bulk annuity market as a long-term solution. As such we view our relationship with Paternoster as another strategic component to the growth of our UK and European asset owner business." |
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