The UK’s Lloyds Banking Group has renewed and extended its outsourcing contract with State Street Corporation.
State Street will serve as the preferred single provider of middle office, custody, fund accounting, depositary, securities lending and investment administration services for Scottish Widows and SWIP, the life, pensions and investments business, and asset management business of Lloyds.
The agreement was reached after a review by Lloyds of its outsourcing options following its acquisition of HBOS in 2009. The consolidated portfolios of Scottish Widows and SWIP account for more than £200bn (€228.6bn) and services currently supported by other providers will migrate to State Street during the next 18 months.
Joe Antonellis, vice chairman of State Street, said: “We are delighted that we have been able to extend and strengthen our strategic outsourcing relationship with Lloyds Banking Group.
“We believe we can assist Lloyds Banking Group to positively address the many changes taking place in the industry, such as Solvency II.”
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