REST Industry Super and State Street have renewed their custody agreement for an additional two years.
The agreement will see State Street providing custody and investment administration services to $31 billion in funds under management. It came into effect on 1 June.
State Street provides REST with custody services, fund accounting, performance and analytics and complex tax services across a variety of asset classes.
Research by State Street and Clear Path Analysis shows that superannuation funds are contending with five main challenges, such as complying with the stronger super reforms, ensuring the right data monitoring and analysis systems are in place, helping members prepare for retirement, maximising returns while managing risk and deciding whether they are suited to an internal or external investment model.
Damian Hill, CEO of REST, said: “Super funds are going through a period of significant transformation both operationally and in a regulatory sense.”
“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.”
Executive vice president of State Street, Ian Martin, added: "We recognise that the world in which Australian superfunds operate is becoming increasingly sophisticated and we've invested heavily in technology and infrastructure to help clients like REST adapt to those industry challenges."
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