Source: State Street Corporation
State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has expanded its relationship with Scotiabank.
State Street will provide custody, accounting and fund administration, for five of Scotiabank International Wealth Management's Cayman-based mutual funds.
State Street has provided custody, fund accounting and investment management services to Scotiabank since February 2002. With this expanded mandate to service the Cayman-based funds, State Street will now service approximately CA$4.54 billion in total assets for Scotiabank.
"We were impressed with State Street's superior customer service and extensive offshore fund servicing expertise," said Dan Wright, senior vice president and head of International Wealth Management, Scotiabank. "As Scotiabank expands its international products and services through our extensive branch network across the Caribbean and the Americas, we will partner with State Street to provide us with scalable, proven fund servicing solutions and straight-through-processing capabilities."
Scotiabank is enhancing its Cayman Islands fund servicing operation and strengthening its infrastructure as the central location for fund distribution to the Central and Latin American markets, and Caribbean markets.
"We are delighted to expand our relationship with Scotiabank," said Stephen Smit, president of State Street Trust Company Canada, and head of investment servicing and investment research and trading in Canada. "This win is a strong endorsement of our industry leadership in partnering with our customers to service their product offerings and fund complexes as they expand into new markets."
"The opportunity to expand our service offering demonstrates State Street's success at consistently anticipating customer needs and developing solutions to best suit their objectives," said Steven Wolff, senior vice president, offshore and alternative investment services, State Street. "With our wide range of services, we offer flexible and customized solutions to service our customers in Canada, and around the globe."
International Financial Data Services (IFDS), a joint venture between State Street and DST Systems Inc., will also provide recordkeeping and transfer agency services for Scotiabank's Latin American and Caribbean branches to dealers across the region.