State Street Appointed by Wellington West Asset Management to Provide Investment Services for New Funds
February 08 2010 - 9:00AM
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors and IFDS
Canada, the expert in transfer agency services, announced today
that they have been appointed by Wellington West Asset Management,
Inc. to provide a range of investment services.
State Street will provide fund accounting, fund administration,
custody and trustee services for a group of new funds being
launched by Wellington West. Founded in 1993, Wellington West has
become one of the largest and fastest-growing independent
full-service wealth management firms in Canada with approximately
CAD$8.8 billion in assets under administration.
“In selecting a fund service provider, we looked for a
technology leader with a demonstrated record of service
excellence,” said Kish Kapoor, president of Wellington West
Holdings, Inc. “State Street has established a strong presence and
track record of success in Canada and was clearly the top choice to
meet our needs.”
“We are very pleased to be appointed by Wellington West for this
new mandate,” said Kevin Drynan, senior vice president of State
Street in Canada. “As our servicing business in Canada continues to
expand, we are focused on being a strong partner in helping our
customers like Wellington West achieve their growth targets.”
“Wellington West was another key strategic business win for IFDS
and we are excited about our long term partnership," says Debralee
Goldberg, president and CEO of IFDS (Canada) Ltd. "We look forward
to providing our market-leading range of services to an
organization with such significant scale.”
State Street has provided investment servicing and management
solutions to Canada’s financial services community for more than
twenty years. With more than 1,200 employees in Toronto, Montreal
and Vancouver, State Street provides a broad array of services to
many of Canada’s leading institutional investors.
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $18.8 trillion in assets
under custody and administration and $1.9 trillion in assets under
management at December 31, 2009, State Street operates in 25
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
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. IFDS is today recognized as the world’s
leading provider of investor record keeping and transfer agency
solutions on a BPO (Business Process Outsourcing) and ASP
(Application Service Provision) basis. Our services are provided to
a wide range of global collective investment, wealth management and
platform clients, supporting over 17 million accounts for over 190
organizations, over 9,000 funds and with over 2,700 experienced
staff based in four locations (Canada, Ireland, Luxembourg &
United Kingdom). Figures as June 30, 2009.
About Wellington West
Headquartered in Winnipeg, MB, the Wellington West group of
companies provides full-service brokerage, financial planning,
asset management and capital markets services. In the 15 years
since its inception, employee-owned Wellington West has become one
of the largest and fastest-growing independent full-service wealth
management firms in Canada with approximately $8.8 billion in
assets under administration. Among our many corporate achievements,
Wellington West has earned one of the top two spots as Best
Employer in Canada for the past three years, named one
of Canada's Fastest Growing Companies in 2007 and one
of Canada's 50 Best Managed Companies for 2008. In addition,
Wellington West Capital Inc. has held the No. 1 ranking for four of
the past five years in the Investment Executive Brokerage Report
Card survey and Wellington West Capital Markets Inc., was named No.
2 Independent Investment Dealer in the 2006 Financial Post /
Starmine Top Analyst Awards.
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