Scottish Widows Investment Partnership rehired State Street Corp. to provide investment operations outsourcing, including custody, trustee and investment administration, Chris Phillips, Scottish Widows CIO, and Ronald E. Logue, chairman and CEO of State Street, said in a conference call with reporters to announce the deal.
"We conducted a very thorough and professional evaluation process of the whole outsourcing market," Mr. Phillips said. "We talked to a number of absolutely excellent providers." He declined to name the other finalists.
State Street's first outsourcing contract with Scottish Widows, which has ₤87.5 billion ($154.6 billion) in assets under management, was signed in 2000; the current contract is for eight years.
Messrs. Phillips and Logue declined to discuss the cost structure of the new contract or any financial incentives included.
