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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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