Australian Retirement Trust partners with State Street Corporation as custodian
Anthony Rose
One of Australia’s largest superannuation funds, Australian Retirement Trust (ART), has announced that they have chosen State Street Corporation (State Street) as their preferred and primary custodian and investment administrator following a thorough tender process.
ART was formed through the merger of Sunsuper and QSuper on 28 February 2022 and manages more than $230 billion in retirement savings for its more than two million members.
ART’s Chief Financial Officer, Anthony Rose, said the appointment of State Street as the Fund’s primary custodian was an example of how the merger was driving greater efficiencies for ART members.
“Moving to a single custodian will be a significant integration milestone following the merger last year. This partnership delivers significant efficiency benefits and demonstrates the ability to leverage increased scale for our members,” said Mr Rose.
“ART has a longstanding relationship with State Street, with both heritage funds having worked with State Street over the past decade, and we’re excited to continue to build on this partnership over the years ahead.”
State Street’s selection was driven by service offering, capabilities, technology and cost – they offered a combination we feel will deliver the best outcome to our more than two million members across Australia and supports our growing portfolio of investments in Australia and globally.
The contract took effect on 21 December 2022.
