MD Physician Services appoints State Street to provide investment services for CAD$15.6 billion in assets

State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced today that it has been appointed by MD Physician Services Inc. (MDPSI) to provide a range of investment services for CAD$15.6 billion in assets including custody, fund accounting, and fund valuation services.

“This mandate reflects our commitment to providing Canadian mutual fund providers and investment managers with local expertise, global reach and advanced technology to address their unique needs.”

“State Street’s advanced technology, reporting and analytics capabilities were key factors in our decision-making process,” said Guy Belanger, chief financial officer of MD Physician Services Inc. “We were impressed by State Street’s long history of successful service quality and comprehensive approach, particularly in outsourced mutual fund accounting. We look forward to a successful partnership.”

MDPSI, directly and through its subsidiaries, is the manager and trustee of the MD family of funds, a group of 22 proprietary mutual funds.

“We are very pleased to establish this new partnership with MD Physician Services Inc.,” said Kevin Drynan, senior vice president of State Street in Canada. “This mandate reflects our commitment to providing Canadian mutual fund providers and investment managers with local expertise, global reach and advanced technology to address their unique needs.”

With more than 1,200 employees in Toronto, Montreal and Vancouver, State Street provides a broad array of services to many of Canada’s leading institutional investors.