State Street Appointed Custodian for Sunsuper in Australia
SYDNEY--(BUSINESS WIRE)-- State Street Corporation (STT), one of the worlds leading providers of financial services to institutional investors, announced today that AU$18 billion Australian superannuation fund Sunsuper has appointed State Street Australia Limited as its custodian.
State Street will provide custody and administration services to Sunsuper including unit pricing, compliance monitoring, performance reporting, alternative asset reporting and tax and accounting services.
The appointment follows Sunsupers comprehensive review of custodial service providers with the support of Mercer Sentinel, which identified that State Street is best placed to service the funds requirements.
Ian Martin, senior vice president and head of State Streets Global Markets and Global Services businesses for Australia and New Zealand said the mandate was an endorsement of State Streets superannuation services.
We have continued to invest in and expand our suite of superannuation services in recent years, reflecting State Streets commitment to servicing Australias super industry for the long-term. We have also introduced many of our innovative global services to the Australian market, tailoring them to meet the specific needs of superannuation funds, as well as developing teams with specific superannuation expertise to meet our clients needs.
The demands on superannuation funds like Sunsuper are changing in response to regulatory pressures and the shifting demographic of the member base. Investment strategies are becoming more complex while, simultaneously, there is demand for greater transparency. State Street is in a unique position to assist super funds with these requirements and we have focused on developing proprietary technology and services that enable clients to view their data in the most effective way.
In addition, we have a proven track record of successfully transitioning large scale funds, and todays announcement is a testament to the success of these various initiatives, added Mr Martin.
About State Street Corporation
State Street Corporation is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $22 trillion in assets under custody and administration and $1.9 trillion in assets under management at September 30, 2011, State Street operates in 26 countries and more than 100 geographic markets. For more information, visit State Streets web site at www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx. $64 billion as of September 30, 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors serves as the marketing agent.
State Street Corporation
Richard Shadforth, + 61 2 8249 1110
Carolyn Cichon, +1 617 664 8672
Source: State Street CorporationCopyright Business Wire 2011