Excel Funds, Leader in Emerging Market Funds, Appoints State Street, IFDS to Provide Range of Investment Servicing Solutions
October 26 2015 - 9:45AM
Business Wire
State Street Corporation (NYSE: STT) announced today that it has
been appointed by leading Canadian fund manager Excel Funds
Management Inc. (Excel Funds) to provide investment servicing
solutions.
State Street will service all of Excel Funds’ investment funds,
and will provide custody, fund accounting and administration,
foreign exchange and equities trading, and securities lending
services. International Financial Data Services (IFDS) Canada, a
joint venture of State Street and DST Systems Inc., will provide
transfer agency services.
“After an extensive review of candidates, State Street and IFDS
emerged as the clear partners for our business,” said Bhim D.
Asdhir, president and CEO of Excel Funds Management Inc. “We are
excited to have leading global providers of investment services and
technology supporting us and expect this move to facilitate greater
efficiency in our middle and back office administration, improve
information flow, and enhance dealer relations.”
“We are delighted Excel Funds has selected us to support their
investment servicing needs," said Rob Baillie, head of State Street
Canada. “Our recent survey of asset managers shows that two-thirds
are diverting resources from critical business areas to focus on
increased risk and compliance demands. Our integrated solution is
well-suited to manage Excel Funds’ portfolio and regulatory risk so
they can concentrate on growing their business and their
already-established position as an authority on emerging
markets.”
“Excel Funds was looking for market leading providers with
strong track records and a deep understanding of the mutual fund
industry,” said Katherine MacMillan, president and CEO, IFDS
Canada. “We’re extremely pleased to have been selected to support
their growth and their commitment to customer service
excellence.”
Excel Funds offers the widest selection of investment funds to
Canadian investors with access to more than 700 local portfolio
managers and analysts around the world through its network of
sub-advisors.
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 $27.3 trillion in assets
under custody and administration and $2.2 trillion* in assets under
management as of September 30, 2015, State Street operates in more
than 100 geographic markets worldwide, including the US, Canada,
Europe, the Middle East and Asia. For more information, visit State
Street’s website at www.statestreet.com.
* Assets under management include approximately $25 billion as
of September 30, 2015, for which State Street Global Markets, LLC,
an affiliate of SSGA, serves as the distribution agent.
About IFDS
International Financial Data Services is recognized as a
world-leading provider of outsourcing and technology solutions to
the financial services industry. IFDS services are provided to a
wide range of global asset managers, wealth managers, platform
providers, insurers, and life companies. Supporting more than 44
million investor and policy holder accounts for over 370 financial
organizations across Asia-Pacific, Europe, and North America, the
IFDS enterprise employs in excess of 7,000 experienced individuals
located throughout Canada, Ireland, Luxembourg, the United Kingdom,
and the U.S. IFDS is a 50/50 joint venture between Boston-based
State Street Corporation, one of the world’s leading providers of
financial services to institutional investors, and Kansas City,
Missouri-based DST Systems Inc., a leading provider of
sophisticated information processing and servicing solutions to
companies around the world. Figures as September 30, 2013. For more
information visit www.ifdsgroup.com.
About Excel Funds Management
Inc.
Excel Funds is a multiple Lipper Award winner specializing in
emerging markets. Founded in 1998 with the launch of the Excel
India Fund, the largest and longest running India-focused fund in
Canada, the Manager has been a Canadian leader in emerging
market-focused mutual funds by offering a wide-range of innovative
mutual funds that capture new growth opportunities. Through its
network of sub-advisors, the Manager has access to the knowledge
base of over 500 local portfolio managers and 200 analysts around
the world. Its on-the-ground sub-advisors and proprietary asset
allocation model contribute to the firm being “The Authority in
Emerging Markets” in Canada. For further information, please
contact your financial advisor, call our investor relations line at
1‐888‐813‐9813 or visit our website at www.excelfunds.com.
CORP-1632
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version on businesswire.com: http://www.businesswire.com/news/home/20151026005851/en/
State Street CorporationJulie Kane, +1
617-664-3001jekane@statestreet.com@StateStreetorRita John, +1
416-506-8000 x 5640RJohn@ifdsgroup.comorCaroline Grimont, +1
905-624-7744caroline.grimont@excelfunds.com
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