State Street Corporation has announced it has been selected to provide custodial, investment administration, and data management services for Australian Retirement Trust (ART).
ART currently manages more than $230 billion in retirement savings for more than 2 million members. It ranks as Australia’s second largest super fund behind AustralianSuper and was formed by the merger between Suncorp and QSuper which was finalised a year ago.
“This significant mandate demonstrates our dedication and commitment to the Australian superannuation industry,” commented Mostapha Tahiri, chief executive officer, Asia-Pacific at State Street.
“We are honoured to partner with ART as it enters the next phase of integration, transformation, and growth following last year’s successful completion of the merger.”
ART chief financial officer Anthony Rose stated that the move to a single custodian marked a significant integration milestone following last year’s merger.
The partnership between ART and State Street, he said, delivers significant efficiency benefits and demonstrates the ability to leverage increased scale for the fund’s members.
“ART has a longstanding relationship with State Street, with both heritage funds having worked with State Street over the past decade, and we’re excited to continue to build on this partnership over the years ahead,” Mr Rose said.
“State Street’s selection was driven by service offering, capabilities, technology and cost — they offered a combination we feel will deliver the best outcome to our more than 2 million members across Australia and supports our growing portfolio of investments in Australia and globally.”
According to State Street, its capabilities will allow ART’s in-house team to focus on core portfolio management and operational responsibilities, along with enhancing products and services for its members. Mr Tahiri suggested that institutional investors were being challenged by the depth and breadth of data available to them.
“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,” he said.
“Our innovative data solutions provide a seamless environment for ART to collect, curate, and validate data so they can make better-informed decisions and effectively manage operations to serve the ultimate retirement needs of Australian superannuants.”
Tim Helyar, head of Australia at State Street, said that the complexities presented by mergers meant that it was critical for super funds to have a middle, back office, and data management partner that can support their growth and provide them with access to the latest technology.
“We are deeply committed to support superannuation funds’ long-term strategic objectives. We will continue to amplify our dedication to the industry with a focus on evolving our front, middle and back office solutions to meet their unique and changing needs,” he added.
