eutscher Ring Versicherungen, a Germany-based insurance company, has tapped State Street
to provide Depotbank services for its portfolio of global assets, which is comprised mostly of European equities and bonds, and valued at several billion Euro.
State Street Bank GmbH will provide the German insurer with fund administration and accounting, compliance, securities processing, safekeeping and recording, and reporting services. Deutscher Ring is made up of five affiliates - three insurance companies, a Building Saving Society, and a financial services company - that provide more than two million people with asset accumulation, health insurance, and retirement provisions tailored for different life stages.
"We look forward to partnering with Deutscher Ring Versicherungen to help this first-rate institution ensure their clients are well-served across all of the state-of-the-art insurance products they offer," said Tim Caverly
, executive vice president of Investment Services at State Street.
"A mandate of this magnitude from a firm of this stature is another compelling example of the merits of State Street's commitment to cultivating long-term relationships with major institutions in this vibrant European market."
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