State Street has expanded its relationship with Sun Life Financial of Canada in the UK and will now provide a range of investment services for more than 11.5 billion in assets.
State Street was originally appointed by Sun Life Financial of Canada in the UK in 2008 to service the assets of Sun Life Assurance Company of Canada (U.K.) Limited. The insurer decided to expand the mandate following Sun Life Financial of Canadas acquisition of The Lincoln National UK group at the end of 2009.
The custodian was appointed to provide fund accounting, custody, performance measurement, compliance monitoring, OTC derivatives pricing and administration and collateral management services.
State Streets broad range of services for the insurance and pensions market was a key factor for us in our selection of a single service provider, said Janet Fuller, chief executive officer of Sun Life Financial of Canada in the UK.