New custodian for First State Super

First State Super has appointed State Street as its new custodian to provide custody, investment administration and custody ancillary services, and middle office services.

The transition of custody from J.P. Morgan is expected to be complete before the end of the year.

First State Super chief executive, Michael Dwyer, said the "decision to undertake a custody review was driven by the desire to ensure we are well-positioned to support the continued growth of our business and to have the best long-term partners in place to help us meet current needs and future business requirements".

"It is important that we also exercise good governance by benchmarking the services available in the market to ensure we secure the best outcome for the benefit of our members," he said.

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Commenting, State Street head of global services and global markets for Australia, Chris Taylor, said First State Super had an objected to be closer to markets and to have greater control over investment decision.

"To achieve this they continue to evolve their business model, internalising more of the investment management function," Taylor said.

"We have invested extensively in our suite of solutions to support this type of development, which includes investment analytics, middle office, data warehousing, and data governance services.

"We are well placed to help First State Super mitigate the operational risks and develop the necessary investment infrastructure that this change requires."