State Street Global Advisors (SSgA), the investment management arm of State Street, has been selected by Assuranceforeningen Skuld (Skuld) to manage $330 million of its multi-asset insurance portfolio. Skuld, a Norwegian marine insurer, has outsourced the management of a majority of its portfolio to SSgA, which is managing $220 million in fixed income, $100 million in global equities and $10 million in commodities. The fixed income portfolio will be managed through a pooled liability-matching approach in accordance with the scheme’s specifications.
“We are pleased to have outsourced the management of our insurance portfolio to State Street Global Advisors,” says Svein Sollund, chief financial officer for Skuld. “The company’s track record as a leading global manager of insurance assets and the strength of its liability-matching investment capabilities made it a clear choice for us. We look forward to working with them toward achieving our investment goals.”
Commenting on winning the mandate, Laurent De Greef, director of marketing at State Street Global Advisors in Belgium, says the bank “remain[s] committed to delivering customized solutions to insurance companies as we continue to win outsourcing mandates throughout Europe.”