State Street Global Advisors has become the latest associate member of the Association of British Insurers (ABI).
The ABI’s associate membership has been developed to meet interest from non-insurance companies, such as legal firms, consultants, price comparison sites, and suppliers, such as software houses, which help insurers deliver their services.
Associate members benefit from a range of ABI services including access to the full range of its statistics, industry updates, networking opportunities and reduced rates for events.
Huw Evans, director general for ABI, said: "We are very pleased to welcome State Street Global Advisors as the ABI’s latest associate member.
"With their global expertise in retirement and investment issues, the ABI’s associate membership provides a great opportunity for them to work more closely with industry stakeholders and develop significant policy initiatives."
State Street Global Advisors is the $2.7trn (£2trn) investment management arm of State Street Corporation.
Andrew Benton, its head of UK institutional, said: "As innovators and thought leaders on retirement issues, we look forward to working with the ABI and its members, offering our support and expertise as the industry evolves and overcomes new hurdles and challenges.
"Our established presence in the UK retirement market, coupled with our investment capabilities in Insurance and Cash Management affords us a broad perspective as we continue to support our clients, helping to deliver comprehensive and cost-effective solutions."
Last month Vanguard became the second platform member at ABI.
Platform membership is a new category established last year to reflect the changing nature of the long-term savings market and to deal with a growing focus among pension providers on improving transfers and re-registration in the wake of the pension flexibilities.
More companies are joining ABI after Legal and General’s announcement in 2014 that it would stop its ABI membership, which prompted questions over membership benefits.
Scott Gallacher, chartered financial planner at Rowley Turton, said: "Associate memberships such as these should be welcomed as it always complementary services to work together for the benefit of all."
