State Street Corp., one of the world's largest money managers and securities processors, said its Canadian unit was hired as global custodian by the Ontario Teachers' Pension Plan Board, Canada's biggest pension plan.

The $36.2 billion Ontario Teachers fund, which oversees pension assets for more than 200,000 teachers in Ontario, picked State Street Trust Company Canada in Toronto to replace Mellon CIBC Global Securities Services and Chase Manhattan Corp., the existing custodians. The fund declined to reveal what the fund would pay State Street, which has $4.3 trillion of assets under custody and manages more than $422 billion of assets worldwide.

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