State Street has announced it has been awarded a mandate from StatePlus, which is owned by First State Super, to provide custodian, investment administration and custody ancillary services.
The company said it already provided similar services for First State Super, which is one of Australia’s largest superannuation funds with a total of $90 billion in funds under management.
Under the terms of a deal, State Street would provide StatePlus with back office services that would include custody, unit pricing, performance and analytics, as well as compliance and tax services, it said.
StatePlus chief executive, Graeme Arnott said that State Street had made a strong commitment to technology in recent years and its expertise in this area would help provide sophisticated services to StatePlus.
“We have appointed StateStreet as our custodian 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 requirements,” he said.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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