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 other Singaporean insurance clients.
State Street has also made an effort in Singapore by beefing up its local office and client service capability, says Leow Chong-jin, head of investment services for Asia-Pacific ex-Japan.
OAC released a statement saying it selected State Street for its reputation, its regional commitment and its experience in meeting the complex reporting and accounting needs of insurance companies.
OAC was founded in 1920 as the first in Singapore to provide both general and life insurance. Great Eastern Holdings' total assets exceed $34 billion.