State Street has replaced NAB Asset Servicing as QSuper’s custodian.
After a six month review, the company was appointed custodian of QSuper’s $32 billion of global assets, with QSuper’s chief financial officer Michael Cottier commenting: “State Street stood out from the crowd, offering quality, breadth and depth of services, advanced technology, and global capability.” QSuper is the superannuation fund for current and former Queensland Government workers and their spouses.
A State Street executive told Deal Journal Australia that Australian banks are having to borrow Australian-dollar government bonds from foreign investors in order to meet new capital requirements; possibly a symptom of increasingly restricted liquidity in the local debt market.
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