From here:

State Street has been appointed by the General Synod Pension Plan of the Anglican Church of Canada to provide custody, securities lending and other services for CAD $600 million in assets.

• Services include custody, fund accounting, securities lending, foreign exchange
• CAD $600 million in assets to be serviced

State Street has been chosen by the General Synod Pension Plan of the Anglican Church of Canada to provide custody, fund accounting, securities lending and foreign exchange services for CAD $600 million in assets.

The Plan, registered with the province of Ontario and was started in 1946, provides benefits to clergy and lay employees of the Church and related organisations.

A match not made in heaven, perhaps, since State Street has had legal action taken against it for, among other things, misleading investors over sub-prime investments, highly risky illiquid investments, failures to disclose risks to investors and “unconscionable fraud”.

As this article notes,

Over the past two years the US custodian has lost money and reputation. The search is on for new fee revenue to support the industry colossus that the bank has become.

I expect State Street is gratified to have found a church to bolster its fee revenue – if not its reputation.