REST renewal a vote of confidence for State Street

17 June 2014
| By Nicholas |
image
image
expand image

REST Industry Super’s decision to renew its contract for custodial and investment administration services with State Street is being viewed as a vote of confidence for the company. 

Since January 2011 State Street has provided REST with superannuation services including custody, fund accounting, performance and analytics and complex tax services across a variety of asset classes. As of March 2014, REST had $31 billion in funds under management and 1.9 million members. 

State Street, executive vice president, Ian Martin, welcomed REST’s decision to continue its association with State Street for another two years from 1 June 2014. 

“We recognise that the world in which Australian super funds operate is becoming increasingly sophisticated and we’ve invested heavily in technology and infrastructure to help clients like REST adapt to those industry challenges,” he said. 

REST chief executive officer, Damian Hill, said the renewal underlined the importance of partnering with a service provider offering efficient, innovative solutions which ultimately deliver value for members. 

“Super funds are going through a period of significant transformation both operationally and in a regulatory sense,” he said. “At the same time we are facing challenging investment market conditions. 

“It is crucial that our service providers have the right tools in place to help with these challenges and since 2011, State Street has demonstrated its capacity to do this.” 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

20 hours ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

20 hours ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

20 hours ago

TOP PERFORMING FUNDS