State Street Appointed Custodian for Sunsuper in Australia
December 06 2011 - 12:34PM
Business Wire
State Street Corporation (NYSE:STT), one of the world’s leading
providers of financial services to institutional investors,
announced today that AU$18 billion Australian superannuation fund
Sunsuper has appointed State Street Australia Limited as its
custodian.
State Street will provide custody and administration services to
Sunsuper including unit pricing, compliance monitoring, performance
reporting, alternative asset reporting and tax and accounting
services.
The appointment follows Sunsuper’s comprehensive review of
custodial service providers with the support of Mercer Sentinel,
which identified that State Street is best placed to service the
fund’s requirements.
Ian Martin, senior vice president and head of State Street’s
Global Markets and Global Services businesses for Australia and New
Zealand said the mandate was an endorsement of State Street’s
superannuation services.
“We have continued to invest in and expand our suite of
superannuation services in recent years, reflecting State Street’s
commitment to servicing Australia’s super industry for the
long-term. We have also introduced many of our innovative global
services to the Australian market, tailoring them to meet the
specific needs of superannuation funds, as well as developing teams
with specific superannuation expertise to meet our client’s
needs.
“The demands on superannuation funds like Sunsuper are changing
in response to regulatory pressures and the shifting demographic of
the member base. Investment strategies are becoming more complex
while, simultaneously, there is demand for greater transparency.
State Street is in a unique position to assist super funds with
these requirements and we have focused on developing proprietary
technology and services that enable clients to view their data in
the most effective way.”
“In addition, we have a proven track record of successfully
transitioning large scale funds, and today’s announcement is a
testament to the success of these various initiatives,” added Mr
Martin.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $22 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at September 30, 2011, State Street operates in 26
countries and more than 100 geographic markets. For more
information, visit State Street’s web site at
www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx.
$64 billion as of September 30, 2011), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors
serves as the marketing agent.
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