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Rest renews State Street contract
20 June 2014
State Street to provide custodial and investment administration solutions to the Australian super for another two years
Rest Industry Super has renewed its contract with State Street
for an additional two years for the provision of a wide range
of custodial and investment administration solutions, effective
from June 1 2014.
State Street provides Rest with superannuation services
including custody, fund accounting, performance and analytics
and complex tax services across a variety of asset classes.
"Superfunds are going through a period of significant
transformation both operationally and in a regulatory sense,"
said Rest CEO, Damien Hill. "At the same time we are facing
challenging investment market conditions."
Research by State Street and Clear Path Analysis shows that
superfunds are grappling with five main
challenges including complying with reforms, ensuring
the right data systems are in place, helping members better
prepare for retirement, maximising returns while managing risk,
and deciding whether they are better suited to an internal or
external investment model.
"We recognise that the world in which Australian superfunds
operate is becoming increasingly sophisticated and
we’ve invested heavily in technology and
infrastructure to help clients like Rest adapt to those
industry challenges," said Ian Martin, executive vice
president, State Street.
Rest had $31bn in funds under management and 1.9m members in