ABP mandates State Street with US and Japanese assets

ABP, a pension fund for public employees in the governmental and education sectors in the Netherlands, has mandated financial services company State Street Corporation (State Street) to provide custodial and global securities lending services to ABP's United States (US) and Japanese assets. This mandate by one of the three largest pensions in the world is estimated to be worth $21 billion.

"A mandate of this magnitude marks an important extension of our successful relationship with ABP," notes Ronald E Logue, vice-chairman and chief operating officer of State Street. The global custodian's relationship with ABP started in 1991, when ABP appointed State Street as advisors on equity index management. In early 2001, ABP took a one-third stake in State Street Global Alliance, LLC, a jointly-owned subsidiary focused on partnering with innovative asset management specialty firms.