Philips pension fund in Eindhoven has hired State Street Corporation to act as securities lending agent and global custodian to 32 portfolios with roughly &euro15bn ($13bn) in assets.

Until now, Kas-Associatie has acted as both custodian and agent lender to the fund's assets.

Niki Natarajan

Kas-Associatie

State Street

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Philips hires State Street as agent

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