State Street Corporation, the provider of financial services to institutional investors, 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,” says Charles Rizzo, chief financial officer of the John Hancock funds. “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. 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,” says 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.”