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.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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