State Street Global Advisors said it has been selected by Lincoln Financial Group of Philadelphia to provide subadvisory services.
The agreement includes the management of eight investment portfolios that will be available as subaccounts in Lincoln's variable annuity, variable life insurance, and retirement products, including 401(k) and 403(b) plans, State Street Corp.'s investment management arm said last week.
The investment portfolios are available as individual subaccounts and will be used as building blocks for a series of low-cost, risk-based asset allocation strategies within Lincoln's Choice Plus variable annuity, State Street said.
The agreement includes the use of State Street's SPDR family of exchange-traded funds in Lincoln's 401(k) plans.
State Street managed $159 billion of exchange-traded fund assets as of March 31. State Street Global Advisors had $2 trillion under management at that time. Lincoln had $237 billion under management on Dec. 31.
