Rest renews custodial agreement with State Street

Rest has renewed its custodial and investment administration relationship with State Street for another three years.

The two organisations had already worked together for 11 years, with State Street having first been appointed to work with the $66 billion fund back in 2011.

The agreement would see State Street provide back office services, including custody, accounting and unit pricing, performance and analytics, tax and regulatory reporting and loan servicing.

Tim Helyar, head of Australia at State Street, said: “In trusting State Street with its ongoing business, Rest has again acknowledged our global expertise, scale and breadth of services, as well as the value of our 11-year relationship.

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“We are delighted to renew our partnership with Rest in an extremely important part of their business.”

Rest chief financial officer, Kulwant Singh-Pangly, said: “Rest exists to help our 1.9 million members achieve their best possible retirement outcome and this ambition is directly supported by our renewed strategic relationship with State Street.

“We are especially pleased to expand and strengthen our longstanding agreement with State Street, who provide us with critical support to our front, middle and back offices, supporting us in the pursuit of our investment objectives for all our members.”