State Street Corporation Extends Its Relationship with Scotiabank
February 28 2008 - 10:00AM
Business Wire
State Street Corporation (NYSE: STT), the world's leading provider
of financial services to institutional investors, announced today
that it has expanded its relationship with Scotiabank. State Street
will provide custody, accounting and fund administration, for five
of Scotiabank International Wealth Management�s Cayman-based mutual
funds. State Street has provided custody, fund accounting and
investment management services to Scotiabank since February 2002.
With this expanded mandate to service the Cayman-based funds, State
Street will now service approximately CA$4.54 billion in total
assets for Scotiabank. �We were impressed with State Street�s
superior customer service and extensive offshore fund servicing
expertise,� said Dan Wright, senior vice president and head of
International Wealth Management, Scotiabank. �As Scotiabank expands
its international products and services through our extensive
branch network across the Caribbean and the Americas, we will
partner with State Street to provide us with scalable, proven fund
servicing solutions and straight-through-processing capabilities."
Scotiabank is enhancing its Cayman Islands fund servicing operation
and strengthening its infrastructure as the central location for
fund distribution to the Central and Latin American markets, and
Caribbean markets. �We are delighted to expand our relationship
with Scotiabank,� said Stephen Smit, president of State Street
Trust Company Canada, and head of investment servicing and
investment research and trading in Canada. �This win is a strong
endorsement of our industry leadership in partnering with our
customers to service their product offerings and fund complexes as
they expand into new markets.� �The opportunity to expand our
service offering demonstrates State Street�s success at
consistently anticipating customer needs and developing solutions
to best suit their objectives,� said Steven Wolff, senior vice
president, offshore and alternative investment services, State
Street. �With our wide range of services, we offer flexible and
customized solutions to service our customers in Canada, and around
the globe.� International Financial Data Services (IFDS), a joint
venture between State Street and DST Systems Inc., will also
provide recordkeeping and transfer agency services for Scotiabank's
Latin American and Caribbean branches to dealers across the region.
About State Street Corporation State Street Corporation (NYSE: STT)
is the world's leading provider of financial services to
institutional investors including investment servicing, investment
management and investment research and trading. With $15.3 trillion
in assets under custody and $2 trillion in assets under management
at December 31, 2007, State Street operates in 26 countries and
more than 100 geographic markets worldwide. For more information,
visit State Street�s web site at www.statestreet.com About
International Financial Data Services International Financial Data
Services (IFDS) is a 50/50 joint venture between affiliates of
Boston-based State Street Corporation, the world's leading provider
of services to institutional investors, and DST Systems Inc., a
Kansas City, Missouri-based leading provider of shareholder
accounting services and proprietary systems. For more information,
visit IFDS' website at www.ifdsgroup.ca. About Scotiabank
Scotiabank is one of North America's premier financial institutions
and Canada's most international bank. With almost 60,000 employees,
Scotiabank Group and its affiliates serve approximately 12 million
customers in some 50 countries around the world. Scotiabank offers
a diverse range of products and services including personal,
commercial, corporate and investment banking. With US$382 billion
in assets (as at July 31, 2007), Scotiabank trades on the Toronto
(BNS) and New York Exchanges (BNS). For more information please
visit www.scotiabank.com.
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jul 2023 to Jul 2024