TORONTO--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) announced today that it has been
appointed by leading Canadian fund manager Excel Funds Management Inc.
(Excel Funds) to provide investment servicing solutions.
State Street will service all of Excel Funds’ investment funds, and will
provide custody, fund accounting and administration, foreign exchange
and equities trading, and securities lending services. International
Financial Data Services (IFDS) Canada, a joint venture of State Street
and DST Systems Inc., will provide transfer agency services.
“After an extensive review of candidates, State Street and IFDS emerged
as the clear partners for our business,” said Bhim D. Asdhir, president
and CEO of Excel Funds Management Inc. “We are excited to have leading
global providers of investment services and technology supporting us and
expect this move to facilitate greater efficiency in our middle and back
office administration, improve information flow, and enhance dealer
relations.”
“We are delighted Excel Funds has selected us to support their
investment servicing needs," said Rob Baillie, head of State Street
Canada. “Our recent survey of asset managers shows that two-thirds are
diverting resources from critical business areas to focus on increased
risk and compliance demands. Our integrated solution is well-suited to
manage Excel Funds’ portfolio and regulatory risk so they can
concentrate on growing their business and their already-established
position as an authority on emerging markets.”
“Excel Funds was looking for market leading providers with strong track
records and a deep understanding of the mutual fund industry,” said
Katherine MacMillan, president and CEO, IFDS Canada. “We’re extremely
pleased to have been selected to support their growth and their
commitment to customer service excellence.”
Excel Funds offers the widest selection of investment funds to Canadian
investors with access to more than 700 local portfolio managers and
analysts around the world through its network of sub-advisors.
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading
providers of financial services to institutional investors, including
investment servicing, investment management and investment research and
trading. With $27.3 trillion in assets under custody and administration
and $2.2 trillion* in assets under management as of September 30, 2015,
State Street operates in more than 100 geographic markets worldwide,
including the US, Canada, Europe, the Middle East and Asia. For more
information, visit State Street’s website at www.statestreet.com.
* Assets under management include approximately $25 billion as of
September 30, 2015, for which State Street Global Markets, LLC, an
affiliate of SSGA, serves as the distribution agent.
About IFDS
International Financial Data Services is recognized as a world-leading
provider of outsourcing and technology solutions to the financial
services industry. IFDS services are provided to a wide range of global
asset managers, wealth managers, platform providers, insurers, and life
companies. Supporting more than 44 million investor and policy holder
accounts for over 370 financial organizations across Asia-Pacific,
Europe, and North America, the IFDS enterprise employs in excess of
7,000 experienced individuals located throughout Canada, Ireland,
Luxembourg, the United Kingdom, and the U.S. IFDS is a 50/50 joint
venture between Boston-based State Street Corporation, one of the
world’s leading providers of financial services to institutional
investors, and Kansas City, Missouri-based DST Systems Inc., a leading
provider of sophisticated information processing and servicing solutions
to companies around the world. Figures as September 30, 2013. For more
information visit www.ifdsgroup.com.
About Excel Funds Management Inc.
Excel Funds is a multiple Lipper Award winner specializing in emerging
markets. Founded in 1998 with the launch of the Excel India Fund, the
largest and longest running India-focused fund in Canada, the Manager
has been a Canadian leader in emerging market-focused mutual funds by
offering a wide-range of innovative mutual funds that capture new growth
opportunities. Through its network of sub-advisors, the Manager has
access to the knowledge base of over 500 local portfolio managers and
200 analysts around the world. Its on-the-ground sub-advisors and
proprietary asset allocation model contribute to the firm being “The
Authority in Emerging Markets” in Canada. For further information,
please contact your financial advisor, call our investor relations line
at 1‐888‐813‐9813 or visit our website at www.excelfunds.com.
CORP-1632
View source version on businesswire.com: http://www.businesswire.com/news/home/20151026005851/en/
State Street Corporation
Julie Kane, +1 617-664-3001
jekane@statestreet.com
@StateStreet
or
Rita
John, +1 416-506-8000 x 5640
RJohn@ifdsgroup.com
or
Caroline
Grimont, +1 905-624-7744
caroline.grimont@excelfunds.com
Source: State Street Corporation