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Latham & Watkins' London outsourcing team has completed an innovative £87.5bn asset management deal for new client Scottish Widows Investment Partnership (SWIP) with US bank State Street.
The deal is one of the first to formalise an inter-bank asset management deal as an outsourcing transaction.
Latham associate Martin Cotterill, who led the team advising SWIP, said: "Because these were bank-to-bank arrangements, often the deals were done with a nod and a wink. Life now is outsourcing and these are much more formal arrangements."
Ashurst partner James Perry advised established client State Street. He said: "There have not been many deals of this size in the asset management sector. Most people expect more and more of these deals and obviously customers of service providers, such as State Street, are becoming more and more sophisticated."
Regular Latham client and SWIP parent company Lloyds TSB recommended the team, which has closed a number of important outsourcing deals for the bank. The team worked closely with SWIP in-house counsel Kate Robinson.
The Latham team has built its reputation working on technology outsourcing deals and has expanded its expertise as financial institutions have outsourced increasing numbers of non-core functions.
Perry is a partner in Ashurst's corporate/commercial department. He focuses on commercial deals, including outsourcings, in the financial sector.
Ashurst worked closely with State Street's in-house lawyers Charles Worth and Toby Ward.