Etera Mutual Pension Insurance Co., Helsinki, hired State Street Corp. to provide pension fund custody and other services, confirmed Jari Puhakka, chief investment officer of Etera.
State Street will provide custody, fund accounting, securities lending, collateral management and other services to the €5.6 billion ($7.7 billion) pension fund assets.
Etera was happy with its previous custodian but “wanted to integrate everything with one service provider,” Mr. Puhakka said in an e-mail. He did not disclose the previous custodian. The firm wanted 24/7 collateral management and risk management systems to enable it to analyze and tailor reports, he said.