TORONTO--(BUSINESS WIRE)--State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, announced today that Brandes Investment Partners & Co. (BIPCo) has expanded its investment servicing relationship with State Street to include its Canadian pooled funds totaling CA $1 billion in assets.
State Street will provide custody, accounting, financial reporting and taxation services, securities lending and performance analytics and will be the trustee and transfer agent for the Canadian pooled funds. With more than 37 years of investment experience, BIPCo’s affiliate, Brandes Investment Partners L.P. (Brandes), is a leading independent global investment advisory firm, managing assets for institutional and private clients worldwide.
”Our relationship with State Street is an important element of our overall business strategy, and we are thrilled to be expanding it by including the Canadian pooled funds,” said Oliver Murray, president, Brandes Investment Partners & Co. “State Street’s experience, expertise and in-depth knowledge of Canadian regulatory requirements allow us to focus simply on providing our clients with exceptional service and investment management.”
Since establishing its first Canadian office in Toronto in 1990, State Street now has more than 1,200 employees in Toronto, Montreal and Vancouver and provides a broad array of services to many of Canada’s leading institutional investors.
State Street has an extensive relationship with Brandes and provides custody, fund accounting and fund administration services in addition to investment restriction reporting, performance and analytics, securities lending, commission recapture, investment management, transaction cost analysis and fair value pricing for its 14 retail mutual fund products in Canada, as well as for two funds in the United States.
“State Street is delighted to broaden our highly valued partnership with Brandes by servicing their Canadian pooled fund product,” said Kevin Drynan, managing director of State Street’s Global Services business in Canada. “We have enjoyed our association with Brandes since they entered the Canadian market, and we look forward to serving them well into the future.”
About Brandes Investment Partners & Co.
Brandes Investment Partners & Co. is the Toronto-based manager of the Brandes Funds and affiliate of Brandes Investment Partners, L.P., of San Diego CA. Brandes is a leading global investment advisory firm, managing assets for institutional and private clients worldwide, including assets for Canadians in separate accounts for institutional, wrap, private client investors and through Brandes’s family of mutual funds.
With over thirty-seven years investment experience, Brandes applies a value-oriented approach to security selection pioneered by Benjamin Graham and David Dodd to identify investment opportunities within a long-term context, in all market conditions. Among the first investment firms to emphasize a global perspective to value investing, Brandes offers a variety of global, international, U.S. and Canadian equity portfolios.
About State Street Corporation
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 $22.6 trillion in assets under custody and administration and $2.1 trillion* in assets under management at March 31, 2011, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s website at www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx. $56 billion as of March 31, 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors serves as the marketing agent.