State Street says it has been appointed by the Overseas Assurance Corporation Limited (OAC) to provide a range of investment services, including fund accounting and enhanced insurance reporting for US$2 billion in assets.
OAC is the sister company of Great Eastern Life Assurance Company Limited (Great Eastern Life) and a wholly owned subsidiary of Great Eastern Holdings Limited.
In a statement, the Overseas Assurance Corporation said, “After a thorough review of all the major providers, State Street was selected because of its strong reputation, its commitment to the Asia Pacific region and its proven experience in meeting the complex reporting and accounting needs of insurance companies. We are confident that OAC will be well served by State Street’s wide-array of investment servicing solutions.”
Statre Street says that, in the past year, a surge in new customer mandates in the Asia Pacific region, along with the integration of clients from the acquisition of Deutsche Bank’s Global Securities Services business, has prompted significant business growth in the region.
“We are delighted to have been awarded this mandate from OAC,” says Leow Chong-Jin, head of Investment Services for State Street in Asia Pacific excluding Japan. “Our comprehensive fund servicing capabilities in Singapore demonstrate State Street’s commitment to providing high-quality and locally based service to our Singapore and South East Asian regional customers. This mandate underscores State Street’s leadership position in the insurance sector. We look forward to forging a long and successful partnership with OAC.”
Founded in 1908, Great Eastern Life is the oldest insurance company in Singapore and Malaysia. It also ranks as the largest insurer in both markets, with more than 2.4 million policyholders.
OAC was founded in 1920 and was the first insurance company in Singapore to provide both general and life insurances. Both Great Eastern Life and OAC are wholly owned subsidiaries of Great Eastern Holdings Limited with assets exceeding $34 billion. Great Eastern Holdings Ltd itself is a subsidiary of the Overseas Chinese Banking Corporation (OCBC Bank), one of leading financial institutions in Singapore and Malaysia.