Business & Finance
Business and Finance
Business and Finance
Thu, February 17, 2011 State Street and IFDS Appointed by PIMCO to Provide Investment Servicing for New Canadian Funds
TORONTO--([ BUSINESS WIRE ])--State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors and International Financial Data Services (IFDS) Canada, the expert in transfer agency and unit-holder recordkeeping services, announced today that they have been appointed by PIMCO to provide a range of investment services for PIMCOa™s newly launched Canadian retail funds.
"We are excited to be deepening our relationship with PIMCO, as we expand their business in Canada with our market-leading services."
State Street will provide fund accounting, fund administration, custody and trustee services and IFDS will provide transfer agency and unit-holder recordkeeping services for the eight new funds. Founded in 1971, PIMCO is a global investment solutions provider with more than 1,300 dedicated professionals in 10 countries focused on managing risks and delivering returns to clients.
aOur retail funds leverage current institutional mandates and provide Canadian investors with solutions that demonstrate PIMCOa™s thought leadership,a said Stuart Graham, president, PIMCO Canada. aAfter a competitive RFP process, we appointed State Street and IFDS based on their ability to provide a specialized, technologically advanced and efficient servicing solution that could support this expansion of our business.a
aWe are pleased to be partnering with PIMCO to launch its new funds and to help grow its business in Canada,a said Kevin Drynan, senior vice president and managing director of State Streeta™s investment servicing business in Canada. aAs the demand for asset servicing continues to grow, we remain focused on partnering with our clients as they expand in the region. State Street is consistently chosen by clients based on the strength of our technology and the customization that we offer.a
aPIMCO's Canadian retail business is another key strategic business win for IFDS and we look forward to continuing our long-term partnership," says Debralee Goldberg, President and CEO of IFDS (Canada) Ltd. "We are excited to be deepening our relationship with PIMCO, as we expand their business in Canada with our market-leading services.a
State Street and IFDS have been providing a variety of investment services for PIMCO over the last decade, including custody, accounting, valuation and transfer agency services. Since 2000, State Street has provided PIMCO with investment operations outsourcing services including transaction management, pricing, derivatives processing, collateral management, custody, accounting, systems and IT development.
About State Street
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 $21.5 trillion in assets under custody and administration and $2 trillion in assets under management at December 31, 2010, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Streeta™s website at [ www.statestreet.com ].
About International Financial Data Services (aIFDSa)
IFDS is a 50/50 joint venture between affiliates of Boston-based State Street Corporation, one of the worlda™s leading providers 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 worlda™s leading provider of investor record keeping, wealth management 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 200 organizations, over 5,000 funds and with over 3,000 experienced staff based in four locations (Canada, Ireland, Luxembourg & United Kingdom). Figures as December 31, 2010.
