State Street to provide securities lending services to Saskatchewan Teachers’ Federation

State Street has been appointed by the Saskatchewan Teachers’ Federation in Canada to provide securities lending services for its CAD 2.2 billion collection of pension and group benefit funds.

Under the terms of the agreement, the bank will also provide custody and fund accounting services.

“State Street’s proven track record of delivering superior service with advanced technology was the critical factor in our decision,” said Gwen Dueck, general secretary of the Saskatchewan Teachers’ Federation, with represents more than 12,000 elementary and secondary school teachers in the province.

“Efficient, cost-effective servicing is vital to the operations of our pension, disability, and health benefit funds, and we look forward to a long and productive relationship with State Street,” she added.

State Street currently provides services to the 10 largest pension plans in Canada and has more than 1,200 employees in the country.