REST Industry Super’s decision to renew its contract for custodial and investment administration services with State Street is being viewed as a vote of confidence for the company.
Since January 2011 State Street has provided REST with superannuation services including custody, fund accounting, performance and analytics and complex tax services across a variety of asset classes. As of March 2014, REST had $31 billion in funds under management and 1.9 million members.
State Street, executive vice president, Ian Martin, welcomed REST’s decision to continue its association with State Street for another two years from 1 June 2014.
“We recognise that the world in which Australian super funds operate is becoming increasingly sophisticated and we’ve invested heavily in technology and infrastructure to help clients like REST adapt to those industry challenges,” he said.
REST chief executive officer, Damian Hill, said the renewal underlined the importance of partnering with a service provider offering efficient, innovative solutions which ultimately deliver value for members.
“Super funds are going through a period of significant transformation both operationally and in a regulatory sense,” he said. “At the same time we are facing challenging investment market conditions.
“It is crucial that our service providers have the right tools in place to help with these challenges and since 2011, State Street has demonstrated its capacity to do this.”
