State Street and FNZ Australia to share technology platform

State Street and FNZ Australia are now sharing their wealth management technology solutions in a move that will help both parties manage transactions across multiple asset classes.

Commenting on the partnership, Chris Taylor, head of State Street Australia, said: "State Street has long acknowledged the importance of the wealth advice segment in the context of the Australian market, particularly with the rapid growth of the Self-Managed Superannuation Fund (SMSF) sector.

"FNZ has strong capabilities in the platform space and we are delighted to be offering innovative safe-keeping, administration and reporting services to State Street's wealth adviser clients who have increasingly complex global investments."

Marshall Stephen, chief executive officer of FNZ Asia Pacific, added: "The combination of our technology with State Street's strong administration and servicing capabilities is unique in that it will give wealth advisers the opportunity to redesign and improve their product and operating models.

"We are genuinely excited to be working with State Street, not only because of the highly complementary nature of the relationship but also because of the strong cultural alignment between our organisations."