Lucida picks its first global custodian

Lucida PLC, London, hired State Street Corp. as its first global custodian, said Margaret Snowdon, operations director at Lucida. State Street will also provide investment accounting, performance measurement, securities lending, transitional management and compliance monitoring. Lucida, a new firm established in December, will provide pensions and accept transfers of pension liabilities and annuity portfolios from U.K. companies. “We expect to have assets of £2 billion ($4 billion) a year,” Ms. Snowdon said.