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State Street looks north

Date: Monday, May 16, 2005
Author: KEITH DAMSELL- Globe & Mail

State Street Corp., the low-profile financial services company, is targeting Canada's booming hedge fund sector for growth.

By year end, the Boston firm plans to "actively pursue opportunities" to service this country's estimated $14-billion (Canadian) hedge fund market, Ronald Logue, chair and chief executive officer, said in a recent interview.

State Street provides back-office investment services, management and research to a staggering $9.5-trillion (U.S.) in assets around the globe. Over the past 15 years, the company has captured about 21 per cent of Canada's pension and mutual fund market.

Expect chief rivals Canadian Imperial Bank of Commerce and Royal Bank of Canada to keep close tabs on State Street's expansion plans.