State Street has been reappointed by Nest Corporation, the trustee body of the National Employment Savings Trust (Nest), to continue to provide back office servicing solutions for a further five years.
As part of the renewal, State Street will provide global custody, fund accounting, performance measurement, compliance monitoring, asset allocation rebalancing and unit dealing for Nest’s nine million members in the UK.
State Street will manage the movement of members’ contributions from the scheme administrator to the appropriate fund managers.
Andy Todd, head of Asset Owners UK at State Street, commented: “We’re honoured to extend our partnership with Nest Corporation, which is testament to our long-term relationship and our commitment to help pension funds achieve better investment returns, greater efficiencies and more accurate, timely reporting.”
Todd continued: “Our market experience and advanced technology will provide our clients with the ability to focus on helping deliver the best outcome for savers over the long-term.”
Henk Michels, director of fund administration at Nest, added: “This is an exciting time for Nest. We continue to expand out into new assets, including private markets such as unlisted infrastructure equity, in the pursuit of the best risk-adjusted returns for our members. We’ll continue to develop our sophisticated investment strategy to help millions more enjoy a better retirement.”
Elsewhere, State Street has been selected to service two private equity funds for Ping An Overseas Holdings.
