Investment and funds management service provider Victorian Funds Management Corporation (VFMC) has appointed State Street Corporation as its custodian and administrator.
State Street will look after VFMC's $50 billion in assets by providing an integrated platform for custody, administration, performance and analytics, and middle office services.
VFMC's chief executive, Warren Lee, said State Street's scale and technology expertise stood out during its tender process.
While State Street's head of asset manager sector sales, Paul Khoury, "the investment and regulatory environment is increasingly complex and operating models are continuing to shift."
"Our ability to help clients navigate these changes and present, report, and extract data in market-leading ways makes us a compelling strategic partner."