State Street Corp. announced Monday that it has converted 38 John Hancock retail funds worth approximately $15 billion in assets.
John Hancock, a Boston unit of Manulife Financial Corp. of Toronto, last year appointed State Street to provide custody and fund accounting services for these retail U.S. mutual funds.
State Street, also of Boston, has provided John Hancock with custody and accounting services for a range of their fund products since 1968. With the conversion of the retail funds, State Street now services more than 220 portfolios and approximately $95 billion of assets for John Hancock.
State Street had $11.3 trillion of assets under custody and $1.4 trillion under management as of March 31.