State Street involved in outsourcing
30/01/2008
Both middle and back office services are to be provided to Pearl Group from State Street under a new outsourcing deal, it has been revealed.
Such functions include derivatives processing as well as fund accounting, while the deal will take into account £25.5 billion in assets from Pearl's life insurance sectors, reports International Custody & Fund Administration.
The new work is set to take place at venues operated by State Street in London, Edinburgh and Dublin.
Head of customer services management for the investor services team in the United Kingdom, Middle East and Africa at State Street Wade McDonald is pleased with the development and said it should be a good move.
"We have built a leadership position in servicing the European insurance industry by delivering flexible solutions to meet a wide range of their needs," he told the publication.
Such optimism was shared by the chief operating officer at Pearl Group, Tony Kassimiotis, who suggested that "high-quality services" will be generated.
State Street was initially opened in 1972 in an attempt to help local investors.
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