About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Lloyds Banking Group (LBG) Renews and Extends Strategic Outsourcing Contract with State Street

Subscribe to our newsletter

State Street Corporation, one of the world’s leading providers of financial services to institutional investors, announced today that Lloyds Banking Group (LBG) through its Life, Pensions and Investments business (Scottish Widows) and its Asset Management business (Scottish Widows Investment Partnership (SWIP) has renewed and extended its existing contract. 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 consolidated portfolios include investment accounting for more than £200 billion of assets and the services currently supported by other providers will migrate to State Street during the next 18 months.

Following the acquisition of HBOS in 2009, Lloyds Banking Group reviewed all its outsourcing options to determine how best to develop a single operating model across the Group. An agreement has been reached to enhance the existing working relationship already in place between State Street and Scottish Widows/SWIP and extend the contract to cover legacy HBOS investment administration.

“We are delighted that we have been able to extend and strengthen our strategic outsourcing relationship with Lloyds Banking Group and feel it is a strong endorsement of our commitment to the securities servicing business,” said Joe Antonellis, vice chairman of State Street. “We believe we can assist Lloyds Banking Group to positively address the many changes taking place in the industry, such as Solvency II”.

“We are confident that both SWIP and Scottish Widows will benefit from our leading technology systems, depth of resources and commitment to excellence in client service.” continued Antonellis.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Managing Non-Financial Misconduct Under SMCR

Non-financial misconduct – encompassing behaviours such as bullying, sexual harassment, and discrimination is a key focus of the Senior Managers and Certification Regime (SMCR). The Financial Conduct Authority (FCA) has underscored that such misconduct is not only unethical but also poses significant risks to a firm’s culture and operational integrity. Recognizing the profound impact on...

BLOG

AI Governance Frameworks Are Emerging as Applications Abound: Webinar Review

Capital markets leaders are in the early stages of implementing comprehensive artificial intelligence governance frameworks as they begin to realise the challenges as well as the opportunities offered by the technology. As the adoption of AI accelerates it’s becoming apparent that it needs its own set of rules on how it can be effectively and...

EVENT

TradingTech Summit London

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...