State Street Corp. has been appointed by Manulife Asset Management Ltd. of Toronto to provide investment services for Manulife Asset Management Pooled Funds and Manulife Canadian Real Estate Funds totalling $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.
“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 future as we expand our institutional commingled investment products,” said Jacqui Allard, chief operating officer with 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.”
Kevin Drynan, senior vice-president and managing director of State Street’s investment servicing business in Canada said, “We are delighted to work with Manulife Asset Management. 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.”