100 jobs created in Montréal's financial sector
MONTRÉAL, May 2, 2014 /CNW Telbec/ - Today La Caisse de dépôt et
placement du Québec announced the renewal of an agreement for the
custodian services with State Street ̶ the entity responsible for
settling transactions and safeguarding assets traded by La Caisse.
State Street, a global financial services leader, already serves as La
Caisse's designated custodian, a role it has played for 14 years. It
will continue to use the services of Desjardins Trust as sub-custodian
of La Caisse's Canadian assets.
This agreement enables La Caisse to improve its efficiency and agility,
reduce costs and contribute to Québec's economic development. In
addition to generating significant savings, the agreement with State
Street allows La Caisse to continue to simplify its operational and
technological activities. Some of the main operational benefits
achieved through the agreement include faster updates of La Caisse's
records and optimized banking transactions as a result of improved cash
flows, both as proposed by State Street.
100 jobs created in Montréal
As part of this agreement, State Street has committed to create 100
professional financial services jobs over the next year, practically
tripling its number of employees in Montréal. This talent pool will be
concentrated in a new Global Centre of Excellence in fund accounting
that will help strengthen high-level financial expertise in Montréal.
More direct access, both here and internationally
The level of service received will be enhanced through direct access to
specialists from the various business sectors of State Street and
Desjardins Trust and the physical presence of some of the custodian's
representatives in La Caisse's offices. The agreement will also allow
La Caisse to leverage State Street's strengthened international network
in certain growing countries, thereby facilitating investment
activities in these countries.
For Bernard Morency, Executive Vice-President, Depositors, Strategy and
Chief Operations Officer of La Caisse, "renewal of this agreement
reinforces our operational agility and strengthens La Caisse's ability
to meet its strategic goals in Québec and around the world."
"With this agreement, La Caisse reaches another important milestone in
its operational re-engineering, aimed at transforming its technologies
and operations so that they will be better structured and more agile,"
said Pierre Miron, Executive Vice-President, Operations and Information
Technology of La Caisse. "By continuing our business relationship with
State Street, we rest assured that we have a partner that is well aware
of our priorities, and whose vision is perfectly aligned with our
"We are delighted to expand our longstanding partnership of more than 20
years with CDPQ," said Stephen Nazzaro, executive vice president of
State Street Corporation. "Our commitment to technology innovation
allows us to partner with our clients to help them achieve their
strategic priorities." "We look forward to strengthening our
partnership with Caisse de dépôt as they grow their business," added
Rob Baillie, head of State Street's Global Services business in Canada.
Rigorous bidding process
Eight firms responded to the bid launched last year and three firms were
selected as finalists. The proposals were then subject to a due
diligence process, in accordance with Caisse policies. Additional
requests led the finalists to review and adjust their respective
service offerings. In the end, State Street's proposal provided the
best fit with La Caisse's requirements. The agreement takes effect
ABOUT LA CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
La Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. As at December 31, 2013, it held $200.1 billion in net
assets. As one of Canada's leading institutional fund managers, La
Caisse invests in major financial markets, private equity,
infrastructure and real estate, globally. For more information: www.lacaisse.com.
SOURCE: Caisse de dépôt et placement du Québec
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