Tim Helyar
State Street Corporation (NYSE:STT) has announced it has been reappointed to provide custodial services to Retail Employees Superannuation Trust (Rest), one of Australia’s largest profit-tomember superannuation funds.
Rest is renewing its contract with State Street for a further three years covering a wide range of custodial and investment administration solutions.
“In trusting State Street with its ongoing business, Rest has again acknowledged our global expertise, scale and breadth of services, as well as the value of our 11-year relationship,” said Tim Helyar, Head of Australia at State Street. “We are delighted to renew our partnership with Rest in an extremely important part of their business.”
State Street has worked productively and successfully with Rest since first being appointed in 2011. In February of last year, Rest engaged Charles River Development, a State Street company, and selected Charles River Investment Management Solution to consolidate its front and middle office operations for managing asset allocation, global equities, fixed income, FX and futures.
“Rest exists to help our 1.9 million members achieve their best possible retirement outcome and this ambition is directly supported by our renewed strategic relationship with State Street,” said Rest Chief Financial Officer, Kulwant Singh-Pangly. “We are especially pleased to expand and strengthen our longstanding agreement with State Street, who provide us with critical support to our front, middle and back offices, supporting us in the pursuit of our investment objectives for all our members.”
Rest’s latest mandate will see State Street continuing to provide back office services, including custody, accounting and unit pricing, performance and analytics, tax and regulatory reporting and loan servicing.
“We are proud to support Rest as they continue to grow their portfolio complexity and size,” added Helyar. “This acknowledgment from a leading Australian superannuation fund is testament to State Street’s unique offering and commitment to the country’s superannuation market.”
