State Street has won a $6bn (€4.6bn) mandate from The Merseyside Pension Fund to provide the county fund with custody, securities lending, cash management and foreign exchange services.

John Parry, assistant director of finance at the Merseyside Pension Fund said: "State Street's commitment to the technology supporting the pension fund industry and their focus on risk controls were significant factors in leading us to award them the contract for global custody services."