State Street announced today that it has been appointed by Alberta Revenue to provide domestic custody and securities lending for an additional CAD $22 billion in assets. With the expanded relationship, which was awarded following an extensive review process, State Street now services CAD $33 billion in assets for Alberta Revenue.
State Street has had an eleven-year relationship with Alberta Revenue providing global custody, accounting, securities lending, performance and analytics and foreign exchange services for CAD $11 billion of assets managed by Alberta Revenue. In addition, State Street Global Advisors, the investment management arm of State Street Corporation, manages approximately CAD $2 billion for Alberta Revenue.
“We are delighted to expand our relationship with Alberta Revenue, a valued client for over a decade,” says David Toyne, managing director of State Street in Canada. “State Street’s ability to provide a full breadth of integrated solutions continues to give us a clear advantage as we anticipate the needs of our clients around the world.”
Since opening its first office in Toronto in 1990, State Street has built its business in Canada by providing investment services to many of Canada’s pension, mutual fund and investment management organizations. Year to date, State Street has been awarded mandates totaling close to CAD$50 billion. State Street’s Canadian employee base has grown to more than 700 today, serving more than 100 clients throughout the country.
Alberta Revenue manages CAD$35 billion of investments for the Province of Alberta, public sector pension plans and provincial corporations.