About a-team Marketing Services
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

Upcoming Webinar: Generative and Agentic AI in Financial Markets: What the Data Really Shows

Date: 15 October 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Artificial intelligence is reshaping financial markets – but the reality on the ground is more nuanced, more uneven, and more instructive than the headlines suggest. A new A-Team Insight research programme, drawing on responses from senior AI decision-makers at...

BLOG

When 1% Breaks the Fund: The Sanctions Contagion Facing ETF Issuers

Roy Kirby, Head of Core Products at SIX Group, has spent the past four years watching sanctions transform from episodic geopolitical tools into a structural feature of market risk. In sharing insights with RegTech Insight, he sets out how the acceleration and layering of sanctions since 2022 are reshaping compliance obligations for ETF issuers and,...

EVENT

ExchangeTech Summit London

A-Team Group, organisers of the TradingTech Summits, are pleased to announce the inaugural ExchangeTech Summit London on May 14th 2026. This dedicated forum brings together operators of exchanges, alternative execution venues and digital asset platforms with the ecosystem of vendors driving the future of matching engines, surveillance and market access.

GUIDE

Regulatory Data Handbook 2026 – Fourteenth Edition

Welcome to the fourteenth edition of A-Team Group’s Regulatory Data Handbook. Supervisors increasingly expect firms to demonstrate which rules apply, which data supports each obligation, who owns the control and how exceptions are identified and resolved. Policies and implementation programmes must now be supported by records that can withstand regulatory scrutiny. This edition examines material...