State Street wins new custody and fund admin mandate
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State Street wins new custody and fund admin mandate 20 January 2021Australia Reporter: Maddie Saghir
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State Street Australia has gained a new mandate to provide custody and fund administration services to Perpetual Investment Management’s asset management business.
The appointment is proposed to take effect within Q1 2021 with transition of services to State Street’s services to occur in 2021.
State Street will provide core custody, middle office, administration, valuation, accounting and tax reporting services to the funds offered by Perpetual, supporting its asset management business.
In addition to the back and middle office services, Perpetual will leverage State Street’s enterprise data platform to manage data across the investment cycle more seamlessly.
Daniel Cheever, head of State Street institutional services for Australia, says: “This is a further vote of confidence by market leaders in our ability to provide a full suite of solutions. We are deploying an open architecture platform, which will provide critical data and an uplift in custody and fund administration services.”
Perpetual CEO and managing director, Rob Adams says: “State Street is a truly global and quality provider and their support will be crucial as we continue to grow our capabilities and client offerings over time.”
“By utilising State Street’s global scale, expertise and technology, Perpetual can streamline their day-to-day operations, better support their clients and focus on innovation and growth.”
The appointment comes after a search to replace Perpetual’s current custodian, RBC, who
has announced plans to exit the Australian market.
Adams notes that Perpetual had enjoyed a strong partnership with RBC over the last 20 years and thanked them for their support.
“We are very appreciative of RBC’s commitment over two decades and we wish them well
as they exit the market here in Australia. Moving ahead, we look forward to working with State Street and making the transition for our business and our clients as smooth as possible,” he adds.
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Image: Sergey Nivens/adobe.stock.com 