Financial services giant State Street's custody business is planning to re-enter the superannuation industry eight years after it exited the market.
The decision follows the promotion of Ian Martin to head of global markets and investor services in Australia and New Zealand. Martin was previously the regional general manager of global markets and head of foreign exchange.
"Being only new to the role, I am just looking at what sort of strategies to implement. We are, however, reassessing the superannuation fund industry and looking at bringing some of our capabilities to the sector, including custody," he said.
Martin will now head all of the firm's multi-asset class trading businesses, electronic trading, securities lending and investor services, including custody, unit trusts and fund accounting.
State Street had the ability to bring a number of those services to superannuation funds, including industry funds, he said.
He said that as superannuation funds increased in sophistication and size, some might look to insource some of their activities.
"We have the asset management skills to help them manage this process," he said.
The firm would also be able to meet the needs of funds looking to outsource key parts of their business, he said.
The business currently services the multi-manager sector and has $17 billion in assets under administration.
