Challenger chooses State Street as custody and administration provider
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Challenger chooses State Street as custody and administration provider 05 September 2024Hong Kong Reporter: Clelia Frondaroli
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Australian investment management firm Challenger has selected State Street to provide custody and back, middle, and front office investment administration services.
State Street will provide these administrative services to a suite of listed and unlisted investment vehicles, through the State Street Alpha platform.
These services will also be extended across the entire Challenger group, including multi-affiliate platform Fidante, income platform Challenger Investment Management, and Challenger Life.
Stefan Gmuer, head of Asia Pacific and head of Strategic Business Growth at State Street, comments: “This partnership is very important for State Street. The mandate reaffirms our front-to-back proposition which brings value, scale and efficiency to our clients who are looking to accelerate their own growth and transformation.”
Nick Hamilton, managing director and chief executive officer of Challenger, adds: “[State Street’s] leading technical capability, platform investment and global footprint will support our business and affiliates to help execute on the significant opportunity ahead, at the same time as delivering a high-quality service and innovation for our affiliates and clients.”
This new partnership will also see the addition of David Mackaway, the current chief executive officer of Artega (a venture majority-owned by Challenger) and his management team to State Street.
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