US / UK - Scottish Windows Investment Partnership (SWIP) claims that is now free to focus on investment management and client servicing, following State Street's successful takeover and integration of it's middle office administration functions, six months ahead of schedule.
By outsourcing all of its investment administration work to State Street, Bill Main, SWIP chief executive officer, claimed that the firm is already benefiting from a range of “significant strategic benefits.
We've been able to move from a fixed based cost structure to a variable cost structure ahead of schedule, and are now able to focus our full resources on our core competencies of managing money and servicing our clients,” he said.
In October 2000, SWIP appointed State Street to provide custody, trustee and investment administration services for its entire product range. As part of the award, State Street took over the investment administration functions of SWIP's four component businesses - Lloyds TSB Life, Pensions and Investments, Scottish Widows, Abbey Life and Hill Samuel Asset Management.
Having brought all of SWIP’s investment administration services to the one site in Edinburgh from all over the UK, State Street will now administer SWIP’s 816 life, pension funds and unit trusts - representing £78bn in assets under administration.
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