State Street Corporation (STT) today announced that it has been appointed by the Cayman Islands Chamber of Commerce Pension Plan to provide custody services to its USD$270 million plan.
“Global financial events that have occurred in the past several years have highlighted the importance of having financial partners with strong controls and a solid risk rating,” said William Fleury, general manager and chief operating officer, Cayman Islands Chamber of Commerce Pension Plan. “The Chamber Plan is delighted to partner with State Street whose leading technology, expertise in custody, and local and global footprint were also strong factors in their selection.”
Rich Anton, senior vice president in State Street’s Alternative Investment Solutions team and head of the Cayman solutions team, said, “Institutional investors, including pension plans, continue to seek greater depth of services, transparency and operational efficiency. We have a long history and commitment to the Cayman Islands and work collaboratively with our clients to identify opportunities where we can help them to best achieve their investment goals. We look forward to developing a long-term partnership with Cayman Islands Chamber of Commerce Pension Plan and supporting their growth.”
State Street provides a range of investment servicing solutions such as custody, fund accounting, performance and analytics and client reporting to a broad array of institutional investors. The company’s experienced industry professionals offer clients extensive market and custody expertise, creating innovative solutions to help clients meet their increasingly complex and changing business needs.
About State Street Corporation
State Street Corporation (STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $23.4 trillion in assets under custody and administration and $2.1 trillion* in assets under management at September 30, 2012, State Street operates in 29 countries and more than 100 geographic markets. For more information, visit State Street’s web site at www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx. $75.3 billion as of September 30, 2012), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.
About Cayman Islands Chamber of Commerce Pension Plan
The Chamber Pension Plan (“Plan”) was established by the Cayman Islands Chamber of Commerce in 1992 to address the need to encourage and promote retirement savings for workers in the Cayman Islands. Established in 1965, the Chamber of Commerce is the largest not-for-profit organisation operating in Cayman with a membership of more than 700 businesses, associations and individuals collectively employing more than 18,000 people. The Chamber of Commerce is funded primarily from annual membership subscriptions, training and workforce development programs, trade missions and marketing and promotional events and materials. It is not a government agency or department. The Chamber Pension Plan is governed by an elected volunteer board of trustees who independently appoint an administrator and investment managers. The Plan is a not-for-profit entity, and therefore the Chamber of Commerce does not charge any management or other fees to the Plan.