State Street Global Advisors Awarded £1.4 Billion Mandate by Merseyside
LONDON -- November 01, 2012
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:
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
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