Singaporean insurer appoints State Street for custody

Overseas Assurance Corporation drops Northern Trust.

Overseas Assurance Corporation OAC, a wholly owned subsidiary of Great Eastern Holdings in Singapore, has awarded custody and fund administration to State Street following a comprehensive review. OAC is Great Eastern's international business with $2 billion in assets.

The OAC review follows a similar one at its sibling company, Great Eastern Life Assurance, which selected Bank of New York a few years ago.

In addition to generic custody, State Street will carry out fund accounting and insurance reporting that complies with both Singaporean and international accounting rules. Insurance reporting has become a complex requirement and State Street won the mandate in part for its experience with...

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