State Street Global Advisors, the investment management side of State Street Corp., is moving investment management operations out of Canada to the bank's home base of Boston to cut costs.
Workers at the firm were notified recently, and the move is said to affect about 60 people. Some may get jobs in Boston. Some may not. The firm's presence in Canada will be more limited to a sales and service role.
"Focusing our Canadian operations on client service and distribution will allow us to continue to broaden our market coverage while leveraging the scale of our investment team in Boston," the firm said in a statement in response to questions. "We remain committed to maintaining a presence in Canada and we believe this model will provide our Canadian clients with a more focused and effective service and support model."
State Street's other operations in Canada will be unaffected.