SYDNEY, November 8, 2022 – State Street Corporation (NYSE:STT) today announced it has been reappointed to provide custodial services to Retail Employees Superannuation Trust (Rest), one of Australia’s largest profit-to-member superannuation funds.
Rest is renewing its contract with State Street for a further three years covering a wide range of custodial and investment administration solutions.
“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,” said Tim Helyar, Head of Australia at State Street. “We are delighted to renew our partnership with Rest in an extremely important part of their business.”
State Street has worked productively and successfully with Rest since first being appointed in 2011. In February of last year, Rest engaged Charles River Development, a State Street company, and selected Charles River Investment Management Solution to consolidate its front and middle office operations for managing asset allocation, global equities, fixed income, FX, and futures.
“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,” said Rest Chief Financial Officer, Kulwant Singh-Pangly. “We are especially 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.”
Rest’s latest mandate will see State Street continuing to provide back office services, including custody, accounting and unit pricing, performance and analytics, tax and regulatory reporting and loan servicing.
“We are proud to support Rest as they continue to grow their portfolio complexity and size,” added Helyar. “This acknowledgment from a leading Australian superannuation fund is testament to State Street’s unique offering and commitment to the country’s superannuation market.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With US$35.7 trillion in assets under custody and/or administration and US$3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of September 30, 2022 includes approximately US$55 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
About Rest
Established in 1988, Rest is one the largest profit-to-member superannuation funds by membership, with around 1.9 million members and around $66 billion in funds under management (as at 30 June 2022). Rest Investments has a 30-year history of focusing on long-term investing across multi-asset portfolios, aiming to deliver strong, superior returns for its members. Its investment team is located across Sydney, Melbourne, Brisbane, New York and London.
© 2022 State Street Corporation - All Rights Reserved
Exp. Date: October 31, 2023
5071757.1.1.GBL.RTL