State Street has been retained by the Canada Pension Plan Investment Board (CPP Investment Board) to provide custody, performance measurement and investment accounting services. Askari, a State Street business unit, will provide risk management services.
On winning the business, David Toyne, managing director of State Street Trust Company Canada, said, “We are extremely pleased that the CPP Investment Board has chosen State Street to provide integrated services to support their growing asset pool. We are especially pleased with the role that Askari, our technology-based risk management business, will play in assisting the CPP Investment Board with its risk management processes.”
Since opening its first office in Canada in 1990, State Street now has three offices in Toronto, Montreal and Vancouver and more than 700 employees. Within Canada, State Street has been awarded several strategic wins in the past few years, with institutional clients including Ontario Teachers’ Pension Plan Board, AIC Funds, Manitoba Civil Service Superannuation and ABN AMRO among others.
The CPP Investment Board is a crown corporation created by an Act of Parliament in December 1997. It invests funds not needed by the Canada Pension Plan to pay current pensions. By increasing the long-term value of funds, the CPP Investment Board will help the Plan to keep its pension promise to Canadians. Based in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm’s length from governments.
State Street Corporation (NYSE: STT) is the world’s leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. With over C$9 trillion (US $6.2 trillion) in assets under custody and more than C$1 trillion (US $775 billion) in assets under management, State Street is headquartered in Boston, Massachusetts and operates in 22 countries and 100 markets worldwide.