UK - The £1.2bn (€1.8bn) Suffolk County Council pension fund has re-appointed State Street as its custodian.

State Street won in a tender against eight other candidates, a spokesman for the Suffolk fund confirmed. It was advised by Hymans Robertson.

Suffolk has extended State Street's mandate to include provision of securities lending services. The fund has been a client with State Street since 2000.

"After a thorough review of the market, we decided that State Street remains best-placed to meet the pension fund's service requirements," Stefan Oliver, chairman of the pension fund committee said.

Following its acquisition of Investor Financial, State Street will increase its assets under custody to over $14trn (€10.7trn).

Positioning itself against what will be the largest custody provider, Bank of New York Mellon with almost $18trn in assets under custody, State Street's vice chairman Jay Hooley told an investor conference in New York last week that the firm was well placed.

"The acquisition of Investors Financial positions us as the second-largest global custodian as measured by assets under custody. However, more importantly, much more importantly, we're the global custodian with the greatest exposure to the rapidly-growing European and Asian markets in the fastest-growing product segments," he said.

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