The $32 billion Queensland government employees superannuation fund QSuper has appointed State Street as its custodian, after a six month tender process.
State Street replaces QSuper's current custodian, National Australia Bank Asset Servicing (NAS).
"State Street stood out from the crowd, offering quality, breadth and depth of services, advanced technology, and global capability," QSuper's chief financial officer Michael Cottier said.
"Once the transition is completed, State Street will be providing a range of asset services in respect of QSuper's $32 billion global investment assets.
"This includes unit pricing, compliance monitoring, alternative asset reporting, plus tax and accounting services."
The contract is a major win for State Street and QSuper is now the company's largest Australian super fund client.
"Following the transition of QSuper, we will service approximately $80 billion of Australian superannuation dollars," State Street head of global services South East Asia & Pacific and head of global markets Australia & New Zealand Ian Martin said.
State Street secured a number of important custody contracts last year, when it reeled in industry funds REST and SunSuper, but it also lost a major client when Axa Asia-Pacific merged with AMP.
AMP uses BNP Paribas as its custodian.
NAS saw a significant number of contract losses, including QIC's middle office services, SunSuper, Military Super and City Super. The latter two were lost as the result of mergers.
But NAS also had a few recent wins, including Australian Reinsurance Pool Corporation and RAC Insurance, while it retained Club Plus Superannuation.
