Rest expands custody mandate with State Street 08 November 2022Hong Kong Reporter: Lyndsey Young
Image: Coloures-Pic/stock.adobe.com
State Street Corporation has been reappointed to provide custodial services to Retail Employees Superannuation Trust (Rest), an Australian profit-to-member superannuation fund.
Rest is renewing its contract with State Street for a further three years, covering a wide range of custodial and investment administration solutions. State Street was first appointed to Rest in 2011.
The latest mandate will see State Street provide back office services, including custody, accounting and unit pricing, performance and analytics, tax and regulatory reporting and loan servicing.
Commenting on the renewal, head of Australia at State Street Tim Heylar says: “In trusting State Street with its ongoing business, Rest has again acknowledged our global expertise, scale and breadth of services, as well as the value of our 11-year relationship.
“We are delighted to renew our partnership with Rest in an extremely important part of their business.”
Rest chief financial officer Kulwant Singh-Pangly adds: “Rest exists to help our 1.9 million members achieve their best-possible retirement outcome and this ambition is directly supported by our renewed strategic relationship with State Street.
“We are pleased to expand and strengthen our longstanding agreement with State Street, who provide us with critical support to our front, middle and back offices, supporting us in the pursuit of our investment objectives for all our members.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Coloures-Pic/stock.adobe.com 