State Street will provide the VFMC, an investment and funds manager for Victorian public authorities, with an integrated platform for custody, administration, performance and analytics, and middle-office services.
VFMC chief executive Warren Lee said: “We believe they understand the complexities of our business and will partner well with us to deliver high-quality middle- and back-office solutions to service our clients.”
Following a tender process, State Street has replaced NAB Asset Servicing as custodian after 21 years.
State Street head of asset manager sector sales Paul Khoury said VFMC is now one of State Street's largest asset management clients in Australia.
Mr Khoury also said that the company has, in recent years, invested in technology aimed at helping asset managers and asset owners.
“The investment and regulatory environment is increasingly complex and operating models are continuing to shift,” Mr Khoury said.
“Our ability to help clients navigate these changes and present, report and extract data in market-leading ways makes us a compelling strategic partner.”