BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), the world's leading provider of
financial services to institutional investors, announced today that it
has successfully converted 38 John Hancock retail funds worth
approximately $15 billion in assets. State Street was appointed by John
Hancock last year to provide custody and fund accounting services for
these retail US mutual funds.
State Street has provided John Hancock with custody and accounting
services for a range of their fund products since 1968. With the
conversion of the retail funds, State Street now services more than 220
portfolios and approximately $95 billion of assets for John Hancock.
"In selecting State Street to provide accounting and custodial services
for our John Hancock retail funds, we looked at a number of factors
including automation and technology solutions, size and scale of the
business, service quality and overall resources. State Street had
already proven its ability to handle our more complex products and
support our fund events and product implementation efforts, so the
decision to transition additional assets was that much easier to make,"
said Charles Rizzo, chief financial officer of the John Hancock funds.
"In addition, the State Street team takes an active effort in
understanding our business needs and helping us with solutions. For us,
State Street was the best choice to consolidate our custody and
accounting services."
"We are pleased that our customers consistently rely on State Street as
they consolidate providers and look to gain efficiencies in their
operations," said Alan Greene, executive vice president of State
Street's US investor services business. "Throughout our more than 40-
year relationship with John Hancock, we have worked together to support
their new product and fund launches and look forward to continuing with
this strong partnership as their sole investment servicing provider."
State Street Corporation (NYSE: STT) is the world's leading provider of
financial services to institutional investors including investment
servicing, investment management and investment research and trading.
With $11.3 trillion in assets under custody and $1.4 trillion in assets
under management at March 31, 2009, State Street operates in 27
countries and more than 100 geographic markets worldwide. For more
information, visit State Street's web site at www.statestreet.com.
Source: State Street Corporation
Contact: State Street Corporation
Carolyn Cichon, + 1-617-664-8672