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State Street signs on as Christian Super custodian
Christian Super has appointed State Street its custodian following a comprehensive review of custody providers.
State Street will provide custody, fund accounting, unit pricing, taxation services, investment mandate monitoring and investment analytics to the not-for-profit fund.
Christian Super chief executive Peter Murphy said the decision to shake up its custody arrangements came about due to the fund's growth since its initial custodian hire in 2006.
He said the State Street appointment would free up the investment team to focus on its core function of making investment decisions.
"The primary goal of our review was to identify a reliable custodian with core service strength that could deliver additional valuable services for our members.
"In addition to State Street's capability in custody and fund accounting, we were impressed by their investment analytics, including the quality of their reporting, the level of detail they could provide on our investments, and their ability to look through data at our unlisted unit trusts," he said.
State Street Global Services Australia senior vice president Ian Martin said data management and transparency were now front and centre of a custodian's responsibility.
Martin said State Street was well placed to assist super funds in complying with the Australian Prudential Regulation Authority's (APRA's) proposed prudential standard on investment governance.
Christian Super has over 20,000 members and approximately $625 million in assets under management.
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