Pension Protection Fund, Croydon, England, hired State Street Corp. to provide risk management services, confirmed State Street spokeswoman Carolyn Cichon.
State Street already provides global custody, fund accounting, transition management, cash management and performance measurement services for the £2 billion ($2.97 billion) government-run fund.
Neither Ms. Cichon nor a PPF spokeswoman could say if State Street replaces another company for the risk services business.
The PPF spokeswoman also said the fund is developing a risk analytic system. “Once tailored to the needs of the PPF, the system will enable us to quantify and monitor the investment risk across all PPF investments with various fund managers and across various asset classes,” the spokeswoman said.
The spokeswoman said she was uncertain when the risk analytic system would be operational.
