State Street Appointed by Manulife Asset Management Limited to Provide Full Administrative Services for Canadian Institutiona...
May 11 2011 - 9:30AM
Business Wire
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors,
announced today that it has been appointed by Manulife Asset
Management Limited of Toronto to provide investment services for
Manulife Asset Management Pooled Funds and Manulife Canadian Real
Estate Funds totaling CA $2.2 billion in assets.
State Street will provide custody, investment accounting,
financial reporting, transfer agency and record keeping for
Manulife Asset Management’s 26 pooled funds as well as its two new
real estate funds, Manulife Canadian Real Estate Investment Fund
and Manulife Canadian Property Portfolio. With CA $211 billion in
assets under management, Manulife Asset Management and its
affiliates provide asset management solutions for institutional
investors and investment funds in key markets globally.
“We were in need of a fund service provider with both a global
footprint and comprehensive platform of solutions to address our
needs for servicing our institutional pooled fund products in
Canada, as well as other jurisdictions in the future as we expand
our institutional commingled investment products,” said Jacqui
Allard, chief operating officer, Manulife Asset Management. “State
Street has a long-standing track record of success in delivering
high quality services across the spectrum of asset servicing and we
look forward to working with them.”
State Street has provided investment servicing and management
solutions to Canada’s financial services industry 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.
“We are delighted to work with Manulife Asset Management,” said
Kevin Drynan, senior vice president and managing director of State
Street’s investment servicing business in Canada. “We have built a
leadership position in servicing the asset management industry by
delivering flexible solutions to address an evolving range of
challenges and opportunities and allowing our clients to focus
their resources on product development and management. We are
committed to providing Manulife Asset Management with the highest
quality of service.”
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of
Manulife Financial. Manulife Asset Management and its affiliates
provide comprehensive asset management solutions for institutional
investors and investment funds in key markets around the world.
This investment expertise extends across a broad range of asset
classes including equity, fixed income and alternative investments
such as real estate, timber, farmland, as well as asset allocation
strategies. Manulife Asset Management has offices with full
investment capabilities in the United States, Canada, the United
Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand,
Vietnam, Malaysia, and the Philippines. In addition, it has a joint
venture asset management business in China, Manulife TEDA. It also
has operations in Australia, New Zealand, Brazil and Uruguay. As at
March 31, 2011 assets under management for institutional clients
were Cdn$211 billion (US$217 billion). Additional information about
Manulife Asset Management can be found at ManulifeAM.com. Prior to
December 15, 2010, Manulife Asset Management was known as MFC
Global Investment Management.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment management, investment research and trading
and investment servicing. With US $22.6 trillion in assets under
custody and administration and US $2.1 trillion1 in assets under
management at March 31, 2011, State Street operates in 26 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
1 This AUM includes the assets of the SPDR Gold Trust (approx.
US $56 billion as of March 31, 2011), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors, serves
as the marketing agent. The currency exchange rate of USD/CAD is as
of 31 December 2010.
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