GERMANY – State Street Corp. has won a Depotbank mandate from German insurer Deutscher Ring Versicherungen, though the exact size of the mandate was not disclosed.

State Street said in a statement that its State Street Bank GmbH unit has been appointed by the insurer, which is part of the Basler Group, “to provide a full range of Depotbank services for the company’s portfolio of global assets, comprising primarily European equities and bonds”. It said the mandate was valued at “several billion euros”.

State Street spokesperson Arlene Roberts declined to be more specific on the value of the mandate. She also said the mandate represents wholly new business and is unconnected with State Street’s acquisition of Deutsche Bank’s global securities services division.

German Depotbank services are akin to traditional custody services, with additional functions such as trusteeship.

State Street has had Depotbank licence in Germany since 1996 and has more than 30 such clients.

“A mandate of this magnitude from a firm of this stature is another compelling example of the merits of State Street’s commitment to cultivating long-term relationships with major institutions in this vibrant European market,” said Tim Caverly, State Street’s executive vice president of investment services.

Topics