UK pensions and investments provider Winterthur Life UK is to transfer its accounting and administration operations to Global Transaction Services, a subsidiary of Citigroup Corporate and Investment Banking.
Mike Kellard, CEO at Winterthur Life UK, elaborated on the decision. This partnership gives us access to some of the most sophisticated systems and processes available. They will be vital to our continuing success in an increasingly complex industry. It will allow us to develop and deliver new products to new markets and help reinforce our reputation as a truly global insurance house.
Winterthur Life UK manages around GBP7 billion on behalf of retail, insured and institutional clients. The transition will take place in the third quarter of 2006.