State Street Global Advisors (SSgA) is moving its investment management and some related business functions from Canada to its Boston headquarters.
About 60 employees in Toronto and Montreal will be affected, some of whom will be offered the opportunity to relocate to Boston.
A spokesperson says the number is a very small percentage of the overall employee base in Canada and no offices will be closed. State Street also plans to add staff in other areas.
“Focusing our Canadian operations on client service and distribution will allow us to continue to broaden our market coverage while leveraging the scale of our investment team in Boston,” according to a statement from the company.
SSgA says it remains “committed to maintaining a presence in Canada and we believe this model will provide our Canadian clients with a more focused and effective service and support model.”
The move, which was announced to employees in April, is expected to be completed by the end of July.