NGS Super and Christian Super have renewed their custody contracts with State Street Corporation for three and six years, respectively.
State Street will provide NGS Super and Christian Super, who hold a combined $9 billion in assets, with custody services, fund accounting, tax services, investment analytics and “a range of other custody and asset servicing solutions”, according to a statement by State Street.
State Street Australia global services and global markets head Chris Taylor expressed delight at being reappointed by both superannuation fund clients and said super funds were facing a number of challenges, including increased regulations.
“These are creating demands for more frequent reporting and significantly more detail in the data funds need to provide about their investment portfolios,” he said.
“The heavy investment we’ve made in our own technology in recent years is aimed at providing increasingly sophisticated services to help funds like NGS and Christian Super meet those demands.”
NGS Super has been a client of State Street for a decade, and its 100,000 members are primarily “non-government teachers and community organisations”.
Christian Super, which inked a contract with State Street in 2012 after a thorough review of custody providers, has also re-signed and will stay on for a further six years.
Christian Super invests “according to Christian stewardship principles” with over 25,000 members and a portfolio worth $1 billion.
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