State Street Global Advisors (SSGA) could be merged with a competitor, as its parent State Street explores ways to achieve scale in the increasingly competitive asset management sector, according to reports.
The Wall Street Journal reports that State Street and UBS are in talks to merge their asset management businesses.
It has also been reported to have explored a tie-up with Invesco.
SSGA is the asset manager used by The People’s Pension for its pension default fund. It is also a component within Creative Pension Trust and the main Scottish Widows GPP default.
SSGA is the third biggest asset manager in the world, with over $3trillion of assets as at 30 June 2020.