Equitable Life Assurance Society has appointed State Street Corporation to provide global custody and investment accounting services for the USD3.4 billion in assets under management it has across its 90 life and pension funds domiciled in the UK.
Simon Small, finance director at Equitable Life Assurance Society, says: “State Street has extensive expertise in servicing unit-linked funds, and offer an integrated model with the ability to add further services when required. This was instrumental in our decision to work with them and we look forward to building on this.”
Martha Whitman, head of insurance solutions for State Street in Europe, Middle East and Africa said, “Equitable Life Assurance Society is the first and oldest mutual life assurance company in the UK and we are delighted to support them. Life assurance companies are faced with a challenging environment as regulation and technology drive the need for investment and change. Firms now need more advanced tools capable of managing risk and optimising investment performance across today’s complex investment portfolios.”