Dundas & Wilson lands SLI outsourcing
Legal Week reports
November 12, 2003 at 07:03 PM
2 minute read
Scottish leader Dundas & Wilson has acted for Standard Life Investments (SLI), the largest investment house in Scotland, on its multi-billion pound outsourcing to US multinational Citigroup.
The firm acted opposite Clifford Chance (CC) in a deal that saw SLI hand over control of its Edinburgh-based back-office functions to Citigroup.
The deal is thought to be the largest financial services outsourcing contract awarded in Scotland to date.
SLI said that the move was designed to cut costs and improve efficiency. Although Citigroup has had an office in the Scottish capital for 25 years, the outsourcing sees the US giant running an administration arm in Scotland for the first time.
The eight-year outsourcing sees SLI hand over its entire investment administration and fund accounting operation to the US-based giant.
The 80 staff involved will remain in SLI's Edinburgh offices until Citibank finds its own space in the city.
"The operation serves about 250 funds worldwide and has about £70bn under management," said Dundas corporate partner Wendy Colquhoun, who led on the deal.
"The only Scottish element to the deal was that it was a Scottish client, but the deal was done under English law, from Scotland with plenty of time spent in London," she added.
Dundas acted for SLI and parent company The Standard Life Assurance Company, a regular client of the firm.
The firm's tax, technology, employment and pensions team also acted on the deal. Dundas has netted a number of big ticket Scottish outsourcing deals.
Corporate partners Peter McGowan and David Griffiths headed the team for CC.
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