POWERED BY MOMENTUM MEDIA
REST renewal a vote of confidence for State Street
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.”
AUTHOR
Nicholas O'Donoghue
Nicholas is a journalist for Money Management and Super Review. Nicholas has several years experience as a journalist, reporting and managing websites for various news publications covering the medical and pharmaceuticals sector.
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
