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State Street Corporation |
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Gaining ground with State Street in Canada
As part of the world's leading provider of financial services to institutional investors, State Street in Canada can draw upon a strong network of resources and expertise to service its growing Canadian customer base. But, at the same time, the company isn't content to sit back and coast on the laurels of its parent - even though State Street Corporation can boast some 21,000 employees operating in 26 different countries, US$10.9 trillion in assets under custody and US$1.5 trillion in assets under management. State Street in Canada has its own team of dedicated and talented professionals to service the Canadian institutional investor community. And it's that group of committed individuals who have helped State Street establish itself in Canada as a leading player in the country's financial services community.
"We are committed to best practices throughout the entire company," explains J.F. Courville, President and CEO of State Street in Canada. "We have a 'can-do' attitude about everything, and maintain a strong culture of entrepreneurialism that gives us the ability to push the envelope and adapt as our environment shifts, while always maintaining a balance with respect to scale and business focus." That ability to be both versatile and flexible has enabled State Street in Canada to grow from the 220 employees in 1996 to approximately 1,250 today. About 1,100 of those people are based at its Toronto headquarters, with the remainder spread throughout other offices in Montreal and Vancouver.
Unlike many other financial services firms that offer services to institutional investors as one part of a package of services, State Street is focused solely on institutional investors (primarily public and corporate pension plan sponsors, independent asset managers, banks, governments and insurance companies) and covers all aspects of their needs, including investment research and trading, investment management, and investment services.
"No other financial services company has achieved the same level of single-minded focus on serving the unique needs of this customer base," says Courville.
The Toronto advantage
Gaining the leadership position in the Canadian market isn't an easy task, but it's one made easier by State Street's presence in Toronto. "For us, it was important that we have a strong presence all over Canada," explains Courville. "But Toronto was crucial in that it gives us access to many of the largest pools of investment in the country. Our clients and prospects are spread out across the country, but Toronto provides us with a critical base."
One of the other key elements that Toronto provides State Street is people. "In Toronto, we found a very deep, well-educated labour pool," says Courville. "We have a very young, dynamic and growing labour force."
Courville goes on to describe that labour force as highly qualified and often multilingual - two more corporate advantages that complement the city's own ethnic diversity and add to the company's high-level performance. He also makes note of the fact that Toronto operates in the same time zone at its head office in Boston. "We were able to leverage these
local advantages to create services that support the company globally for additional efficiencies," he explains. "Frankly, we've taken advantage in many ways of a very strongly developed market and realized some cost efficiencies. We have developed some capabilities State Street here in Toronto that are being used to support the company's global network."
State Street has been able to develop these "best of breed" practices largely due to its highly skilled work force - a point noted by Courville and one that has resulted in the development of close partnerships with Canadian universities.
Toronto also offers State Street employees easy access to travel, something that it is highly appreciated. "Our employees travel a lot," says Courville, adding that Toronto also serves to attract quality employees. "Toronto is a community where people want to be. This is a very cosmopolitan and livable city, and it is easy for us to attract ex-patriots who have been around the State Street network."
At the same time, the high quality of the Toronto employees attract the attention of other offices. "We find that there are a lot of people in Toronto who are offered opportunities elsewhere in State Street's global network of locations" says Courville. "We're very proud of that. You'll find Canadians leading some pretty important parts of State Street all over the world."
Giving back
According to Courville, you'll also find Canadian State Street employees giving back to the community. The company provides two days a year for every employee for volunteerism. State Street executives in Canada sit on the boards of many charities, and the company also has a well-developed community affairs foundation which provides financial contributions to a variety of charitable organizations.
"In Canada, we give away hundreds of thousands of dollars every year," says Courville, "It is important for us to contribute to the communities in which we live in more than just economic terms."
Street smarts
Word on the street is that State Street has found a proven formula for success in Canada, with that formula relying heavily on its presence in Toronto. The Canadian operations are a world-class enterprise within the growing global network of State Street Corporation.
"I think it really shows that Toronto, and Canada, can take a leadership position in the investment industry and in other industries," concludes Courville. "We can compete on quality and efficiency just as well as, if not better, than any other city."
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