Investment giant signs £134m outsourcing deal

Global asset management company Schroders has renewed its IT outsourcing contract with CSC for an extra seven years and 10 months.

The renewal is valued at around £134m, and supersedes the previous seven-year IT outsourcing contract awarded to CSC in June 2001.

Under the terms of the new contract, CSC will provide Schroders with infrastructure services for midrange, desktops and networks, and application support.

Matthew Oakeley, head of group IT at Schroders, said in a statement: "The partnership between Schroders and CSC is an integral part of the provision of IT services within Schroders."

He added: "This agreement provides an excellent platform for increasing leverage of CSC's core skills and enhancing the IT support model for Schroders' business."

Guy Hains, president of CSC's European group, said in a statement: "The signing of this renewal represents an important milestone in the evolution of our relationship with Schroders."

Schroders has £122.5bn under management with clients including banks, local authorities, charities and pension funds.