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REST retains State Street for custody

State Street has won a new three-year contract to provide custody services to industry super fund REST.

REST's decision to renew State Street's contract followed a "wide-ranging review of custody and administration service providers", according to a statement by the US investment firm.

Friday's announcement is the second time State Street has been renewed for three years by REST, said the statement.

State Street Australia global services and global markets head Chris Taylor said the latest renewal demonstrated the strength of the relationship between the two institutions.

"Many of the significant challenges facing asset owners involve data management. We continue to invest heavily in this area to ensure we have the right technology and management team to help our clients overcome these challenges," Mr Taylor said.

REST chief executive Damian Hill said, "As an industry super fund, our focus is always on working with providers who will be able to give us the most efficient, stable and resilient capabilities and someone who can assist us as our requirements change into the future.

"With State Street, we’ve found that provider and we’re looking forward to continuing this relationship and delivering the best service possible to our members."


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