State Street Corporation (NYSE: STT) has been appointed by Amlin plc and Amlin Bermuda Limited to provide an integrated suite of investment services for 2.2 billion in assets. Amlin plc is a specialist insurance and reinsurance underwriting group listed on the London Stock Exchange.
Under the terms of the agreement, State Street will provide Amlin with custody, investment accounting, performance measurement, compliance monitoring and futures clearing services. State Street will utilise its proprietary Princeton Financial Systems’ PAM for investment accounting, and WM Performance Services will provide performance measurement.
“State Street was very flexible and accommodated our requirements well in their proposal, particularly with regard to deploying the PAM investment accounting platform,” says Jayne Thorburn, chief investment officer at Amlin. “We are very pleased to be working with State Street, an industry leader in insurance accounting, and are confident that we can form a long-term partnership together.”
“This is a key mandate for our European insurance servicing platform,” says Wade McDonald, head of State Street’s asset management and bancassurance group in the UK. “We have made significant progress in this important market segment recently, as customers recognise State Street’s ability to provide an integrated range of market-leading products and services to the insurance industry.”
State Street is a leading provider of investment accounting services to the insurance industry. In partnership with its wholly-owned subsidiary, Princeton Financial Systems, a leading provider of client/server based portfolio accounting management systems to the institutional investment community, Princeton’s PAM investment systems are used by more than 300 investment managers, mutual funds, insurance companies, pension funds, banks and corporations.
Amlin was advised by Thomas Murray in its search for an investment services provider.