State Street and Lloyds TSB Enter Agreement on Custody and Trustee Services

Boston-based State Street Corporation, a leading provider of pension and mutual fund services, has entered into an agreement with London-based Lloyds TSB Group to recommend that the custody and trustee clients of Lloyds TSB's securities services business transfer to State Street Bank and Trust Company. As part of the agreement, State Street will be the preferred provider of custody, trustee, and administration services to Lloyds TSB Group's proprietary business. With 140 billion pounds sterling in assets under custody, Lloyds TSB Securities Services is a significant player in the UK pension fund and unit trust industry.

Key Takeaways:

• State Street Corporation has entered into an agreement with Lloyds TSB Group to recommend the transfer of custody and trustee clients to State Street Bank and Trust Company.
• As part of the agreement, State Street will be the preferred provider of custody, trustee, and administration services to Lloyds TSB Group's proprietary business.
• Lloyds TSB Securities Services has 140 billion pounds sterling in assets under custody, ranking it as one of the largest custodians of UK pension funds and a significant player in the unit trust industry.
• State Street acquires a new client base with the transfer, expanding its global reach and capacity to serve institutional investors.
• The agreement underscores State Street's commitment to providing full-service trustee, depositary, accounting, unit registry, and fund administration to the growing unit trust, pension fund, custody, and open-ended investment company markets.
• State Street has a strong global presence, with offices in 30 countries and $5.3 trillion in assets under custody.
• The company supplies nearly 2,000 mutual fund valuations around the world each day, using a proprietary pricing system that receives quotes daily from 140 exchanges worldwide.

Statistics:

• $5.3 trillion: assets under custody at State Street Corporation (Source: State Street Corporation)
• 140 billion pounds sterling: assets under custody at Lloyds TSB Securities Services (Source: Lloyds TSB Group)
• 400: institutional relationships in the UK and continental Europe served by Lloyds TSB Securities Services (Source: Lloyds TSB Group)
• 2,000: daily mutual fund valuations supplied by State Street worldwide (Source: State Street Corporation)
• 140: global exchanges receiving quotes daily for State Street's proprietary pricing system (Source: State Street Corporation)

Sources:

• Business Wire, July 26, 1999
• State Street Corporation, press release
• Lloyds TSB Group, press release