State Street Corporation has been appointed by Pearl Group Ltd. to provide a comprehensive range of investment services for 25.5 billion in assets.
Pearl Group includes four life insurance companies in the United Kingdom – Pearl Assurance plc, London Life Ltd, NPI Ltd, and National Provident Life Ltd.
State Street will provide global custody, trade matching, derivatives processing and clearing, fund accounting, securities lending, trustee services, transfer agency, and transition management services to Pearl Group’s current life insurance businesses.
“We sought a partner who could offer a broad range of high-quality services, as well as proven expertise in servicing the insurance industry and State Street perfectly fit the bill,” says Tony Kassimiotis, COO, Pearl Group.
The services will be provided from State Street’s operations in Edinburgh, London and Dublin. State Street Global Advisors, the investment management arm of State Street Corporation, currently provides investment management services to Pearl Group for cash emanating from Pearl Group’s securities lending programme.
“We are delighted to win this new mandate from Pearl Group. We have built a leadership position in servicing the European insurance industry by delivering flexible solutions to meet a wide range of their needs. We are committed to providing Pearl Group with the highest quality service excellence,” says Wade McDonald, head of customer management, State Street’s investor services team in the United Kingdom, Middle East and Africa.