State Street wins mandate for UK family savings group

family_savingsState Street Global Advisors has won a mandate to manage £1.5 billion (€1.9 billion) with a combination of passive equity and fixed income strategies for Family Investments, a mutual organisation that helps to manage British families' savings.

The mandate is worth half the total of £3 billion of assets that Family Investments manages for its 1.75 million members.

State Street Global Advisors will also provide a tactical asset allocation overlay for the majority of the assets, with the aim of increasing return by responding to market trends.

As the second-biggest provider of exchange-traded funds (ETFs) by assets, after BlackRock, State Street Global Advisors has a reputation for passive management.

In April, the company said it reached a new arrangement with the State of Nevada and Upromise Investments, a savings administrator, to combine State Street's ETFs in a college savings plan for American families.

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