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State Street today announced details of a major new outsourcing deal with the Pearl Group that will lead to a wide range of back and middle office functions being transferred to the asset servicing specialist.
The deal encompasses £25.5bn in assets managed by Pearl's life insurance businesses.
The services - which include trade matching and derivatives processing and clearing in addition to global custody and fund accounting - will be provided from State Street's operations in Edinburgh, London and Dublin.
Commenting on the outsourcing agreement, Tony Kassimiotis, chief operating officer of Pearl Group, said: "We sought a partner who could offer a broad range of high-quality services, as well as proven expertise in servicing the insurance industry and State Street perfectly fit the bill."
State Street said the mandate reflected its expertise in providing investment support services for sophisticated insurance companies.
"We are delighted to win this new mandate from Pearl Group," said Wade McDonald, head of customer management for State Street's investor services team in the United Kingdom, Middle East and Africa.
"We have built a leadership position in servicing the European insurance industry by delivering flexible solutions to meet a wide range of their needs. We are committed to providing Pearl Group with the highest quality service excellence."
Source: ICFA Magazine
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