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State Street inks Virgin Money investment management deal

State Street has been selected by Virgin Money to provide an integrated suite of investment solutions, including investment servicing, transfer agency and asset management for GBP2.6 billion in assets.

The new mandate includes global custody, unit pricing, fund accounting, asset management and transfer agency services. State Street Global Advisors, the investment management group of State Street, will manage the assets in a passive equity strategy; transfer agency services will be provided by International Financial Data Services (IFDS), a joint venture between State Street and DST Systems, the firm said in a statement.

State Street and IFDS offered us a full-service integrated solution for all of our investment needs, said Mark Hodgkinson, CEO of Virgin Money. We were impressed by the scope of activities all parties were able to offer us and are very pleased to be moving into this partnership together.

This is a very exciting mandate for us, said Peter Baker, head of State Street’s investment servicing business in the UK, Middle East and South Africa. State Street’s wide range of financial services can cover the comprehensive needs of all types of institutional customers, and this is a prime example of the contribution of different parts of our business coming together to form a closely integrated offering.