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: ESG: A Growth Opportunity and a Regulatory Challenge

ESG investing, regulation and compliance are central concerns for financial institutions, although not all jurisdictions are equal. In the US, ESG has become a partisan issue making SEC regulation uncertain; the EU is on good form and has already implemented multiple regulations; and Asia Pacific is advancing as regulators and exchanges deploy ESG rules. Greenwashing...

BLOG

Data Management Summit Returns to NYC with a Focus on Unlocking Data Value for the Business

Don’t miss it! Data Management Summit NYC will be hosted by A-Team Group president and chief content officer Andrew Delaney on 28 September in New York City. The summit promises plenty of new content, a line-up of expert speakers, and lively discussion on topics from how to unlock data value for the business to how...

EVENT

ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

ESG Handbook 2023

The ESG Handbook 2023 edition is the essential guide to everything you need to know about ESG and how to manage requirements if you work in financial data and technology. Download your free copy to understand: What ESG Covers: The scope and definition of ESG Regulations: The evolution of global regulations, especially in the UK...