The Caisse de dépôt et placement du Québec has renewed an agreement for custodian services with State Street.
State Street already serves as the 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 the Caisse’s Canadian assets.
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 Montreal.
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 the Caisse’s requirements.
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