State Street to Provide Daily Pricing and Fund Accounting
to Hartford Gold
Edinburgh, Scotland – 8 February, 2006 -- State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has been appointed by Hartford Life Limited, the United Kingdom subsidiary of The Hartford Financial Services Group, Inc. (NYSE: HIG), to supply investment services to support its unit-linked investment bond.
The Hartford is one of the largest financial services and insurance companies in the U.S., with total assets of $285.6 billion (as at 31 December 2005). Last year The Hartford launched Hartford Gold, its unit-linked investment bond, in the United Kingdom.
As a result of this appointment, State Street will provide daily unit pricing and fund accounting for Hartford Gold. The services will be provided from State Street’s operations in Edinburgh.
“Service excellence is a key differentiator for The Hartford worldwide,” said Lincoln Collins, chief executive officer of Hartford Life Limited in Europe. “We demand high standards from our service providers and have selected State Street because we know it can meet these standards. Fund administration requires significant skill and we were impressed by the enthusiasm of State Street’s staff in working with us to provide the solutions we need.”
“This win is very important to us, as it reinforces our strong position in servicing the insurance space and adds to our growing business supporting open architecture products,“ said Wade McDonald, head of State Street’s Asset Management and Bancassurance Group in the U.K., Middle East and Africa. “As the distribution landscape continues to change, more and more insurance groups like The Hartford will look to produce innovative product lines which meet the needs of its customers. State Street is proud to join forces with The Hartford and offer our servicing expertise to help them provide this Hartford Gold product.”