Perpetual Investment Management has appointed State Street Australia to provide the custodial and fund administration services to Perpetual’s asset management business, due its current custodian RBC leaving the Australian market.
The appointment would take effect within the first half of the 2021 calendar year with the transition of services to State Street to occur in 2021.
State Street would provide core custody, middle office, administration, valuation, accounting and tax reporting services to the funds offered by Perpetual.
RBC Investor and Treasury Services announced it would leave the Australian market in December, 2019, creating issues in the Australian custody market.
Rob Adams, Perpetual chief executive and managing director, said the firm looked for a provider who could offer a high calibre service who could align with their growth strategy to expand into new markets.
“State Street emerged as strong partner demonstrating deep middle office and custodial experience in both domestic and global markets,” Adams said.
“After a thorough review of a number of providers, we believe State Street is a complementary fit for Perpetual, particularly as our business becomes increasingly global in nature.
“State Street is a truly global and quality provider and their support will be crucial as we continue to grow our capabilities and client offerings over time.
“By utilising State Street’s global scale, expertise and technology, Perpetual can streamline their day-to-day operations, better support their clients and focus on innovation and growth.”
In addition to the back and middle office services, Perpetual would leverage State Street’s enterprise data platform to manage data across the investment cycle more seamlessly.
Adams said Perpetual had enjoyed a strong partnership with RBC over the last 20 years and thanked them for their support.
“We are very appreciative of RBC’s commitment over two decades and we wish them well as they exit the market here in Australia,” Adams said.
“Moving ahead, we look forward to working with State Street and making the transition for our business and our clients as smooth as possible.”
Daniel Cheever, head of State Street Institutional Services for Australia, said the appointment was a vote of confidence by market leaders.
“We are deploying an open architecture platform, which will provide critical data and an uplift in custody and fund administration services,” Cheever said.