Royal London Asset Management (RLAM) and HSBC have agreed to extend their outsourcing relationship for 10 more years.

HSBC has provided custody, fiduciary and outsourced investment administration services to the firm since 2006.

Richard James, chief operating officer of Royal London Asset Management, said: "Royal London has enjoyed a successful relationship with HSBC since our decision to outsource Investment operations activity in 2006.

"Our decision to renew was based on high quality of service delivery, HSBC's commitment to support for our growth agenda, a culture of continuous improvement, and a strong organisational alignment".

Arjun Bambawale, head of Europe, HSBC Securities Services, commented: "We are delighted that Royal London has chosen to extend its relationship with HSBC. This strategic deal further strengthens HSBC’s position as a core securities services provider to Royal London, the insurance sector and the global asset management industry.”

RLAM was established in 1988 and is part of the Royal London Group, the UK’s largest mutual life and pensions company with over £73bn ($122bn) of assets under management.