State Street announced today that Swiss Life Asset Management (SLAM) Belgium, the Belgian unit of Swiss Life Asset Management, will outsource investment operations to the Boston-based bank.
SLAM manages equities, fixed income and money market assets for institutional clients and the Swiss Life Group in Belgium. State Street will provide trade support and settlement, portfolio record keeping, custodian communications for settlements, and systems network and applications support. As part of the agreement, State Street will migrate SLAM (Belgium) on to its technology platform, from which SLAM (Belgium) will receive additional services such as performance measurement, and post-trade compliance.
“This important mandate underscores the success of State Street’s strong and expanding outsourcing business in Europe,” says John Campbell, managing director and senior vice president of State Street. “Sophisticated investment managers, such as SLAM, are seeking partners who leverage business and technological expertise in an intelligent and efficient way to meet their investment operations servicing needs. Our innovative solutions and ability to integrate processes across the investment spectrum, are driving State Street’s market-leading position in the rapidly evolving outsourcing arena.
SLAM (Belgium) will benefit from access to our new enterprise technologies, speed to market for new products, risk mitigation and highest quality service. We look forward to a strong, mutually beneficial relationship with the SLAM team.”
Commenting on the company’s selection of State Street, Ludwig Caluw, managing director of Swiss Life Asset Management (Belgium) N.V., added: “By outsourcing our services to State Street, we will gain efficiencies of scale and service that will provide our clients with faster processing and more robust reporting capabilities, while maintaining the overall quality clients expect from SLAM. With State Street as our investment operations outsourcing partner, we can focus even more on our core business — investment management and service – areas in which we add the most value for our clients.”
Swiss Life Asset Management as a whole manages CHF 127 billion assets, making it the fifth largest institutional manager in Switzerland.
The deal with State Street is subject to approval by Belgian regulators.