Business & Finance
Business and Finance
Business and Finance
Wed, May 11, 2011 State Street Appointed by Manulife Asset Management Limited to Provide Full Administrative Services for Canadian Institutional
TORONTO--([ BUSINESS WIRE ])--State Street Corporation (NYSE: STT), one of the worlda™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.
"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"
State Street will provide custody, investment accounting, financial reporting, transfer agency and record keeping for Manulife Asset Managementa™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.
aWe 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,a said Jacqui Allard, chief operating officer, Manulife Asset Management. aState 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.a
State Street has provided investment servicing and management solutions to Canadaa™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 Canadaa™s leading institutional investors.
aWe are delighted to work with Manulife Asset Management,a said Kevin Drynan, senior vice president and managing director of State Streeta™s investment servicing business in Canada. aWe 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.a
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 Streeta™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.
