State Street has been awarded a mandate to provide StatePlus with custodial, investment administration, and custody ancillary services.
In a statement, State Street announced it would provide the First State Super subsidiary with back office services such as custody, unit pricing, performance and analytics, compliance, and tax services over a number of asset classes.
State Street currently provides First State Super with middle office services, the statement said.
StatePlus chief executive Graeme Arnott indicated that the appointment of State Street built upon an ongoing relationship.
“We have appointed StateStreet as our custodian to ensure we are well-positioned to support the continued growth of our business and to have the best long-term partners in place to help us meet current needs and future requirements,” Mr Arnott said.
Head of State Street Global Services and Global Markets Australia Chris Taylor said the mandate signified “a further vote of confidence by market leaders in our ability to provide solutions to large and complex clients”.
“State Street has made a significant commitment to technology in recent years and this expertise means we are well placed to provide sophisticated services to StatePlus,” Mr Taylor said.