Bank of New York will provide fund accounting and custody services for John Hancock Funds of Boston, the companies announced last week.
Bank of New York will take control of services previously provided by State Street Research and Investors Bank and Trust, both of Boston, according to a Bank of New York spokesperson. The spokesperson said he did not know why John Hancock fired the two companies.
But in a statement, Maureen Ford, chairman and CEO of John Hancock Funds said, "Given our strong growth, it was imperative that we select a provider with the expertise and infrastructure to support our evolving service requirements." John Hancock chose to consolidate its services with one bank to reduce costs, she said.
