State Street has announced it has been awarded a mandate from StatePlus, which is owned by First State Super, to provide custodian, investment administration and custody ancillary services.
The company said it already provided similar services for First State Super, which is one of Australia’s largest superannuation funds with a total of $90 billion in funds under management.
Under the terms of a deal, State Street would provide StatePlus with back office services that would include custody, unit pricing, performance and analytics, as well as compliance and tax services, it said.
StatePlus chief executive, Graeme Arnott said that State Street had made a strong commitment to technology in recent years and its expertise in this area would help provide sophisticated services to StatePlus.
“We have appointed StateStreet as our custodian to ensure we are well-positioned to support the continued growth of our business and to have the best long-term partners in place to help us meet current needs and future requirements,” he said.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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