Two super funds renew custody contract with State Street
NGS Super and Christian Super have renewed their custody contracts with State Street to provide a range of custody and asset servicing solutions.
NGS has re-signed with State Street for another three years where State Street will provide NGS with custody, unit pricing, fund accounting, tax and regulatory services, performance and investment analytics, and mandate compliance.
State Street will provide Christian Super with custody services, fund accounting, unit pricing, taxation services, investment mandate monitoring, and investment analytics for another six years.
State Street Global Services and global markets for Australia head, Chris Taylor, said: “Super funds generally are facing challenges on a number of fronts, including greater pressure from regulators. These are creating demands for more frequent reporting and significantly more detail in the data funds need to provide about their investment portfolios”.
NGS chief executive, Anthony Rodwell-Ball, said NGS was the first institutional fund to appoint State Street as custodian 10 years ago.
“The decision has been vindicated by the very pleasing growth in State Street’s Australian custody business, which has enabled it to invest progressively to significantly improve its capabilities, particularly in the digital and data analytics space,” he said.
Also commenting, Christian Super chief investment officer, Tim Macready said State Street had evolved their services delivery capabilities to meet additional regulatory requirements and the fund’s increasing need for portfolio data.
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