Scottish Widows Investment Partnership Renews Outsourcing Partnership with State Street
September 27 2005 - 7:35AM
Business Wire
Scottish Widows Investment Partnership (SWIP) today announced that
it has renewed its investment operations outsourcing arrangement
with State Street Corporation (NYSE: STT) following five years of
successful partnership. The original outsourcing mandate, announced
in October 2000, was an industry first in Europe. "The SWIP
Business Operations team led by Arun Sarwal, our COO, conducted a
comprehensive evaluation process over a 12 month period. The
rigorous process focused on service levels, functionality,
commitment and costs. Our team was impressed by the advance made by
the industry in terms of the professionalism and capabilities on
offer. We are delighted, however, that State Street remains the
best choice for SWIP and its clients," said Archie Kane, Chief
Executive of Scottish Widows and Chairman of SWIP. Chris Phillips,
Chief Executive Officer at SWIP continued, "Outsourcing has enabled
SWIP to have a robust, cost efficient and scaleable operating
platform. We are very confident that we, and our clients, will
continue to benefit from this partnership and benefit from our
ability to focus our energies on investment performance and product
innovation." In October 2000, SWIP, one of the largest asset
management firms in Europe, appointed State Street to provide back
& middle office, custody, trustee and investment administration
services for its entire range of life, pensions and investment
products. "This clearly demonstrates that the outsourcing model can
be a success," said Ronald E. Logue, Chairman and Chief Executive
Officer of State Street. "Scottish Widows Investment Partnership
was one of our first full middle office outsourcing clients and
although we have added considerably to our client roster since
then, with $2.8 trillion in assets under administration, our focus
on delivering for them has never faltered. With a servicing
platform that now spans the globe and every single asset class, we
can continue to provide SWIP with excellent service and an
expanding array of product development and enhancements." State
Street and SWIP will conduct a teleconference call for members of
the media on September 27, 2005 at 14.30 UK time/9:30 a.m Eastern.
The conference call number is 001-913-981-4903 outside the U.S and
800-811-8824 in the U.S. Please call five minutes in advance to
ensure that you are connected prior to the start of the
teleconference. A replay of the call will be available after 2:00
p.m. (Eastern time) on 001-719-457-0820 outside the U.S and
888-203-1112 in the U.S. The confirmation code for all calls is
3514326. Notes to Editors Five years ago, State Street integrated
the investment administration functions of SWIP's four component
businesses - Lloyds TSB Life, Pensions and Investments (Andover),
Scottish Widows (Edinburgh), Abbey Life (Bournemouth), and the
former Hill Samuel Asset Management (London) -- which together span
more than 27,000 holdings and 4,000 asset lines. The transition of
SWIP's asset servicing to State Street began in the first quarter
of 2001 and was completed later that year, six months ahead of
schedule. Since this transition, State Street has supported more
than 250 new fund launches by SWIP across Europe including SWIP's
Multimanager and Global Liquidity funds. SWIP and State Street also
completed the largest-ever UK Unit Trust to OEIC conversion. Today,
State Street generates more than 500 unitized prices daily on
behalf of the Scottish Widows funds. Scottish Widows Investment
Partnership -- SWIP is one of the UK and Europe's largest fund
managers with GBP 87.5bn funds under management (as at 30 June
2005). -- SWIP has a broad client base, managing assets for Pension
Funds, Charities, Local Authorities, Life Funds, Unit Trusts,
OEICs, Off-Shore Funds and Specialist Funds across all asset
classes. -- It has a geographical diverse client base with
alliances, joint ventures and clients in the UK, Europe, USA, Japan
and the Middle East. -- SWIP's ultimate parent is Lloyds TSB Group
Plc, one of the strongest financial services groups in Europe. --
SWIP is authorized and regulated by the Financial Services
Authority. -- For more information, visit SWIP's website at
www.swipartnership.com State Street Corporation State Street
Corporation (NYSE: STT) is the world's leading specialist in
providing institutional investors with investment servicing,
investment management and investment research and trading. With
$9.6 trillion in assets under custody and $1.4 trillion in assets
under management (as of June 30, 2005), State Street operates in 25
countries and more than 100 geographic markets worldwide. For more
information, visit State Street's web site at www.statestreet.com.
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