State Street wins REST mandate 11 January 2011Sydney Reporter: Ben Wilkie
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REST Super has awarded State Street Australia Limited a mandate to provide a comprehensive range of superannuation services including custody, fund accounting and complex tax services.
Following a detailed evaluation of market providers, assisted by REST’s investment adviser JANA, the AUD$18 billion fund awarded State Street Corporation the mandate recognising that State Street’s operational model was best suited to its long-term needs.
REST’s chief executive officer Damian Hill said State Street’s selection was based on its overall service and value proposition, and reflected its global reach and track record, its solutions-oriented focus and its ability to service large and sophisticated institutional clients.
“REST is very confident we have selected a partner who will help support our operations over the coming years and improve our services to members," Hill said. “Efficient, cost-effective servicing is vital to the operations of our fund, and we look forward to a long and productive partnership with State Street.”
Ian Martin, senior vice president, head of State Street’s Global Markets and Global Services businesses for Australia and New Zealand said the mandate from REST underlines State Street’s commitment to meeting the needs of Australia’s $[1.3 trillion] superannuation industry.
“Super funds are becoming increasingly sophisticated in their servicing requirements and State Street is meeting those demands by investing heavily in infrastructure and technology,” said Martin. “With the growth in Australia’s superannuation sector accompanied by increasing demands and market sophistication, we are very well placed to manage this mandate across expansive asset classes, investment activities, and alternative assets.”
Hill said REST was determined to ensure during the selection process that its members would receive the best in class servicing. “We undertook an extensive, transparent and professional selection process involving rigorous due diligence. The appointment of State Street will benefit our members and help ensure that we remain among the leaders in the Australian superannuation market,” he said.
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