State Street Appointed Custodian For Sunsuper In Australia
State Street Corporation (NYSE:STT), one of the world’s leading providers of financial services to institutional investors, announced today that AU$18 billion Australian superannuation fund Sunsuper has appointed State Street Australia Limited as its custodian.
State Street will provide custody and administration services to Sunsuper including unit pricing, compliance monitoring, performance reporting, alternative asset reporting and tax and accounting services.
The appointment follows Sunsuper’s comprehensive review of custodial service providers with the support of Mercer Sentinel, which identified that State Street is best placed to service the fund’s requirements.
Ian Martin, senior vice president and head of State Street’s Global Markets and Global Services businesses for Australia and New Zealand said the mandate was an endorsement of State Street’s superannuation services.
“We have continued to invest in and expand our suite of superannuation services in recent years, reflecting State Street’s commitment to servicing Australia’s super industry for the long-term. We have also introduced many of our innovative global services to the Australian market, tailoring them to meet the specific needs of superannuation funds, as well as developing teams with specific superannuation expertise to meet our client’s needs.
“The demands on superannuation funds like Sunsuper are changing in response to regulatory pressures and the shifting demographic of the member base. Investment strategies are becoming more complex while, simultaneously, there is demand for greater transparency. State Street is in a unique position to assist super funds with these requirements and we have focused on developing proprietary technology and services that enable clients to view their data in the most effective way.”
“In addition, we have a proven track record of successfully transitioning large scale funds, and today’s announcement is a testament to the success of these various initiatives,” added Mr Martin.
