The renewed contract will see State Street provide a wide range of custodial and investment administration solutions to Rest for an additional three years.
“In trusting State Street with its ongoing business, Rest has again acknowledged our global expertise, scale and breadth of services, as well as the value of our 11-year relationship,” said Tim Helyar, head of Australia at State Street.
“We are delighted to renew our partnership with Rest in an extremely important part of their business.”
Rest originally appointed State Street in 2011, with the new mandate set to ensure State Street continues to provide back-office services, including custody, accounting and unit pricing, performance and analytics, tax and regulatory reporting and loan servicing.
“Rest exists to help our 1.9 million members achieve their best possible retirement outcome and this ambition is directly supported by our renewed strategic relationship with State Street,” said Rest chief financial officer Kulwant Singh-Pangly.
“We are especially pleased to expand and strengthen our longstanding agreement with State Street, who provide us with critical support to our front, middle and back offices, supporting us in the pursuit of our investment objectives for all our members.”
In February 2021, Rest engaged State Street subsidiary Charles River Development and its Charles River Investment Management Solution to consolidate its front and middle-office operations for managing asset allocation, global equities, fixed income, FX and futures.
“We are proud to support Rest as they continue to grow their portfolio complexity and size,” added Mr Helyar.
“This acknowledgement from a leading Australian superannuation fund is testament to State Street’s unique offering and commitment to the country’s superannuation market.”
In July, Rest also expanded its sustainability mandate with Morgan Stanley Investment Management subsidiary Calvert Research and Management to include a carbon reduction tilt across the fund’s Australian equity portfolio.
As of 30 June this year, Rest had roughly $66 billion in funds under management with around 1.9 million members in total.
