State Street wins Manulife mandate 14 May 2011Toronto Reporter: Justin Lawson
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State Street Corporation 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.”
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