State Street extends relationship with Lufthansa
State Street Corporation has extended its 13 year relationship with Lufthansa German Airlines Group (Deutsche Lufthansa) for an additional five years.
The relationship will now include transition management, collateral management and FX spot execution services.
State Street currently provides custody, fund accounting, risk analysis, performance measurement and securities lending services for assets in Germany, Switzerland, Luxembourg and the US with total assets under custody of USD11bn.
Axel Tilmann, senior vice president of group finance at Deutsche Lufthansa, says: “State Street offers a wide product spectrum and their ability to bundle these services into solutions that accommodate our needs, globally paired with a client centric service have all led to us extending our contract.”
Stefan Gmuer, executive vice president and head of sector solutions in Europe, Middle East and Africa, says: “We are dedicated to providing the best solutions for our clients’ needs and maintaining high service levels and a strong partnership.
“For clients today, operational efficiency and rigorous data management and governance structures are essential. As our clients tackle these issues, we are committed to giving them the tools they need to succeed. We are delighted to continue our relationship with Deutsche Lufthansa AG, which will now see us working together for close to two decades.”
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