State Street is set to provide global investment services for mining giant Rio Tinto.
International mining group Rio Tinto has hired State Street to provide investment services for $8 billion in assets.
Under the agreement, State Street will provide Rio Tinto with custody, fund accounting, securities lending and investment analytics services for its Canadian, United States and United Kingdom pension schemes.
"State Street's ability to service our schemes in multiple domiciles through a single, global platform was an attractive option for us, whilst also allowing us to reduce costs across geographies," Rio Tinto group advisor of pension investments Michael Wrobel said.
State Street already manages two of the company's eight global schemes, according to Wrobel.
"We are seeing increased demand from customers to streamline their reporting requirements across service providers," State Street head of investor services in the United Kingdom, Middle East and Africa Steve Smit said.
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