European-based Scottish Widows Investment Partnership (SWIP) has renewed its investment operations outsourcing arrangement with State Street.

Chief executive of Scottish Widows and chairman of SWIP Archie Kane said, "Our team was impressed by the advances made by the industry in terms of the professionalism and capabilities on offer. We are delighted... that State Street remains the best choice for SWIP and its clients."

Since 2000, State Street has handled several operations for the asset management firm such as back and middle-office, custody, trustee and investment administration services.

State Street chairman and chief executive officer Ronald Logue, said, "This clearly demonstrates that the outsourcing model can be a success." He added, "Scottish Widows Investment Partnership was one of our first full middle office outsourcing clients and although we have added considerably to our client roster since then, with $2.8 trillion in assets under administration, our focus on delivering for them has never faltered. With a servicing platform that now spans the globe and every single asset class, we can continue to provide SWIP with excellent service and an expanding array of product development and enhancements."

Image Source: www.swipartnership.com