Australian super fund, Australian Retirement Trust (ART), has selected State Street Corporation to provide its custodial, investment administration and data management services.
State Street’s capabilities will allow ART’s in-house team to focus on data governance, core portfolio management and operational responsibilities. It aims to enhance products and services for their members, the company says.
ART was formed by the merger of Sunsuper and QSuper and manages more than AU $230 billion in retirement savings for its more than two million members.
Mostapha Tahiri, CEO of Asia Pacific at State Street, says: “This significant mandate demonstrates our dedication and commitment to the Australian superannuation industry. Institutional investors today are challenged by the depth and breadth of data available to them.”
He adds: “On top of our robust and scalable middle and back-office solutions, we are delighted to expand our support for ART to data management and analytics across public and private markets assets.”
Tim Helyar, head of Australia at State Street, comments: “We are deeply committed to support superannuation funds’ long-term strategic objectives. Mergers mean not just an increase in scale, but also greater complexities, therefore it is critical for superannuation funds to have a middle, back-office and data management partner that can support their growth globally and provide them access to the latest technology.”
