Custodian mandate agreement renewed between La Caisse and State Street

 Custodian mandate agreement renewed between La Caisse and State Street  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 business needs."  "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 today.  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  Jean-Benoît Houde Senior Adviser, Media Relations 514 847-5493  jbhoude@lacaisse.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/02/c6397.html  CO: Caisse de dépôt et placement du Québec ST: Quebec NI: FIN FIN ORDER