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State Street wins €5.6bn mandate
10 February 2014
To provide Etera Mutual Pension Insurance Company with custody, securities lending, and other services
Etera Mutual Pension Insurance Company (Etera) has chosen State
Street Corporation to provide a wide range of pension fund
State Street will provide the Finnish company with custody,
fund accounting, transaction management, securities lending,
futures clearing, agent fund trading, daily risk services, OTC
derivatives servicing and collateral management for more than
€5.6bn ($7.6bn) in AuM.
Etera is the third largest pension company in Finland.
"Given the Finnish and European regulatory challenges facing
the industry, and our enhanced investment strategy we needed to
look to future proof our current business model. The
ability of State Street to address our needs and provide a
holistic solution to our liabilities was extremely important to
us" said Jari Puhakka, chief investment officer of Etera.
Asset owners need access to real-time data to optimise their
investment decisions, said Paola Bergamaschi, head of asset
owner solutions for State Street in Emea. "This helps explain
why almost 9 out of 10 asset owners plan to invest in order
management and execution management systems over the next three
Etera is a mutual employment pension insurance company which
provides pension cover for employees and self-employed persons
and promotes well-being at work. It pays out approximately
€1bn to 146,000 pension recipients each year and has
€5.2bn invested to secure pension liabilities.