Business Services Industry
How The Deal Was Won: Soft sell strategy hard to resist.
Financial Times Mandate, February, 2004
State Street did not exactly have to employ hard-sell tactics to win an E800m global custody brief from the UK's DS Smith Group Pension Scheme.
DS Smith already had separate custody arrangements in place with JPMorgan Chase and Deutsche Bank.
State Street took over Deutsche's custody business one year ago, and the Boston-based firm then started to build a relationship with DS Smith, according to Sri Pools, State Street's head of institutional client servicing in the UK.
You might argue it was custody business crying out for consolidation. DS Smith's investment managers did its own reporting on the assets it was managing, while performance measurement was provided by Russell Mellon Caps. No external organisation was providing consolidated...
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