The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

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

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.

Related content

WEBINAR

Upcoming Webinar: Managing LIBOR transition

Date: 20 April 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The clock is ticking on the decommissioning of LIBOR towards the end of this year, leaving financial institutions with little time to identify where LIBOR is embedded in their processes, assess alternative benchmarks and reference rates, and ensure a...

BLOG

HUB Cloud Platform Aims to Transform Asset Management Operating Model

The HUB technology company set up by PIMCO, Man Group, IHS Markit, State Street, Microsoft and McKinsey & Company promises a utility style cloud-based platform designed to transform asset managers’ middle and back office operating processes, and accelerate them towards a digital operating model. This should reduce cost and mitigate risks, and leave asset managers...

EVENT

RegTech Summit London

Now in its 5th year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

RegTech Suppliers Guide 2020/2021

Welcome to the second edition of A-Team Group’s RegTech Suppliers Guide, an essential aid for financial institutions sourcing innovative solutions to improve their regulatory response, and a showcase for encumbent and new RegTech vendors with offerings designed to match market demand. Available free of charge and based on an industry-wide survey, the guide provides a...