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State Street boosts custody and admin services to near $120b
(Pictured: Daniel Cheever)
REST Industry Super has renewed its custody and administration contract with State Street, growing total client funds to nine, which combined have over $100 billion in assets under administration.
“It’s probably closer to $120 billion now,” Daniel Cheever, State Street vice president and head of superannuation, said.
No official consultant was used for the appointment but the $31 billion REST uses JANA for most of its consulting advice.
“I don’t believe they formally used a consultant in this process,” Cheever said.
In 2011 REST awarded a long-term contract to State Street with the latest renewal effective from 1 June 2014.
Cheever said the renewal was testament to the strength of the relationship they have with superannuation fund.
“We’re very happy with how things are progressing,” he said.
Like all administration and custody providers in the super space, State Street has been working hard on making its systems ready for APRA reporting.
“We are ready for our first year end and very near ready for year two…I think we’ve been able to bring a lot to the table,” Cheever said.
The custodian continues the hunt for new clients.
“I can’t say that we’ve got anyone that we’re about to announce, but it’s a very active RFP market. We’d certainly like [to add more],” Cheever said.
