The Corporation of Lloyd’s has signed a multi-year outsourcing agreement to use Automatic Data Processing, a subsidiary of ADP Wilco’s retail and private client transaction processing platform, Tarot, on a service bureau basis. Lloyd’s has used an on-site version of Tarot to support its funds at Lloyd’s management services to Lloyd’s Names since 1999, with Tarot handling the settlement and other market related functions for members’ assets held as collateral against their underwriting business. Under the new agreement these processes will be migrated to the Tarot service bureau. The Tarot service bureau will additionally support remote access for member agents and corporate members; provide extended corporate actions functionality; register members’ assets against other members’ liabilities; and provide an extended reference data repository.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.