State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has been appointed by ING DIRECT Canada to provide investment services and investment management for three new Streetwise funds.
State Street Global Advisors, the investment management arm of State Street, will manage four investment strategies in each of the Streetwise funds on a sub-advisory basis.
"The strength of the State Street organization, in both investment servicing and investment management, was a key factor in our decision," said Jeroen Smakman, vice president, mutual funds, ING DIRECT Canada. "Moreover, State Street brings a long-established local presence and proven track record in delivering high-quality, cost-effective solutions to the financial services industry in Canada."
State Street will provide custody, accounting, and fund reporting for the Streetwise funds to be launched by ING Direct Asset Management Ltd.
Benchmarked to the Morgan Stanley Europe-Australia-Far East (MSCI-EAFE) index, S&P/TSX 60, S&P 500 and DEX Universe indices, the investment strategies to be managed by SSgA include the Streetwise Balanced Fund, Streetwise Balanced Income Fund, and Streetwise Balanced Growth Fund.
"State Street Global Advisors is delighted to be awarded with this sub-advisory mandate for ING DIRECT Canada's new mutual funds; and we look forward to helping them reach their goals," said Gregory Chrispin, president and managing director of State Street Global Advisors in Canada. Stephen Smit, president of State Street Trust Company Canada, and head of investment servicing and investment research and trading in Canada, added, "With State Street's industry expertise in the Canadian mutual fund business, as well as our considerable experience with newly launched funds, we are well positioned to help ING DIRECT Canada achieve its growth targets for the Streetwise funds."
With more than CA$700 billion in assets under custody and nearly CA$40 billion under management in Canada, State Street has provided solutions to the country's financial services community since establishing a presence in Toronto in 1990. In 2007, State Street further strengthened its Canadian presence with the acquisition of Investors Financial Services Corp., and now has more than 1,100 employees in Toronto, Montreal and Vancouver.