Lloyds Banking Group (LBG) has renewed and extended its existing agreement with State Street. The bank has reselected the firm for its life, pensions and investments unit Scottish Widows and asset management operations Scottish Widows Investment Partnership (SWIP).

As part of the contract, State Street will be the preferred single provider of middle office, custody, fund accounting, depositary, securities lending and investment administration services for Scottish Widows and SWIP. The combined portfolios include investment accounting for about £200 billion of assets and the services currently supported by other providers will transfer to State Street during the next 18 months.

Click here for the release from State Street.