State Street is expanding its relationship with Scotiabank and will provide custody, accounting and fund administration, for five of Scotiabank International Wealth Management’s Cayman-based mutual funds.
Since 2002, State Street has provided custody, fund accounting and investment management services to the bank, and will now service approximately $4.54 billion in assets for Scotia.
“We were impressed with State Street’s superior customer service and extensive offshore fund servicing expertise,” says 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 currently enhancing its Cayman Islands fund servicing operation and infrastructure as the central location for fund distribution to the Central and Latin American, and Caribbean markets.
“We are delighted to expand our relationship with Scotiabank,” says Stephen Smit, president of State Street Trust Company 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.”
Recordkeeping and transfer agency services will be provided by International Financial Data Services—a joint venture between State Street and DST Systems—for Scotiabank’s Latin American and Caribbean branches to dealers in the region.
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