Canada Pension Plan Investment Board, Toronto, hired State Street Trust Co. Canada, a subsidiary of State Street Corp., to provide custody, performance measurement and investment accounting, said Jane Nyman, vice president of finance and operations for the C$14 billion (US$8.8 billion) fund. The fund also hired State Streets risk unit, Askari, to provide portfolio risk management.
State Street replaces Royal Trust Global Securities. Although the fund was happy with Royal Trusts work, it felt the need to conduct the search as it enters a growth phase, Ms. Nyman said. The fund plans to increase its assets to C$130 billion in the next 10 years, she said. The combination of State Streets custodial, performance measurement and investment accounting services with the Askari risk unit led the fund to select State Street, Ms. Nyman said.