State Street says that it has been appointed to provide investment accounting, valuation and statutory reporting services for approximately 1,800 portfolios totaling approximately $75 billion in separate account assets for MetLife.
This mandate enlarges an existing relationship with MetLife, as State Street provides custody services for MetLife’s separate account assets. In addition, State Street has been providing custody, fund accounting, fund administration, transfer agency, and securities lending services for approximately $45 billion of MetLife’s mutual fund and variable life products since 1983.
“We selected State Street as our provider because of its strong reputation and history of providing insurance companies with investment servicing solutions,” says Leonard Kasendorf, vice president, operations and technology for MetLife. “Having worked with State Street over the past two decades, it was a prime choice to help us meet our additional insurance needs.”
State Street claism to be the leading provider of investment accounting services to the insurance industry, currently serving over 90 insurance clients in the US. The bank emphasises that it is not affiliated with State Street Research & Management Co., a subsidiary of MetLife.
“We are pleased to expand our relationship with MetLife as the insurance industry continues to look to State Street for full-service solutions,” says Andy Fry, senior vice president of State Street. “This mandate underscores our ability to augment our capabilities to provide our clients with a breadth of value added services to support their needs.”