State Street announced today that it has been appointed by Deutscher Ring Versicherungen, a German insurance company, to provide a full range of Depotbank services for the company’s portfolio of global assets, which consists mainly of European equities and bonds. State Street says the portfolio is valued at “several billion Euro.”
State Street Bank GmbH will provide Deutscher Ring Versicherungen with fund administration and accounting, compliance, securities processing, safekeeping and recording, and reporting services. “We look forward to partnering with Deutscher Ring Versicherungen to help this first-rate institution ensure their clients are well served across all of the state-of-the-art insurance products they offer,” says Tim Caverly, executive vice president of Investment Services at State Street. “A mandate of this magnitude from a firm of this stature is another compelling example of the merits of State Street’s commitment to cultivating long-term relationships with major institutions in this vibrant European market.”
The deal is not being read as a win for the Depotbank business State Street acquired recently from Deutsche Bank, because Deutsche Ring’s parent company, Basler Group, is already a State Street client.
Deutscher Ring Versicherungen consists of three insurance companies, a Building Saving Society, and a financial services company, and has over two million customers to which it has sold savings, health insurance, and retirement products. Since 1985, the Deutscher Ring Life Insurance AG and Deutscher Ring Proprietary Insurance AG have been part of the Basler Insurance Group’s European business activities.
Deutscher Ring Health Insurance a.G. is a legally independent entity, while Deutscher Ring Bausparkasse AG (Deutscher Ring Building Society AG) and Deutscher Ring Financial Services GmbH are joint subsidiaries. Deutscher Ring has a majority interest in the marketing companies OVB Vermgensberatung AG (OVB Asset Management AG), Cologne, and Zeus Vermittlungsgesellschaft mbH (Zeus Brokerage GmbH), Hamburg.