ROOT
State Street to provide custody and administration services for Brighter Super's $30 billion in funds
ROOT
State Street to provide custody and administration services for Brighter Super's $30 billion in funds
State Street Corporation has been chosen as custodian and administrator for more than $30 billion in funds invested for members of Queensland-based superannuation fund Brighter Super.
State Street to provide custody and administration services for Brighter Super's $30 billion in funds
State Street Corporation has been chosen as custodian and administrator for more than $30 billion in funds invested for members of Queensland-based superannuation fund Brighter Super.
The partnership will see State Street provide a range of services to Brighter Super's more than 130 portfolios across multiple asset classes, including equities, fixed income, private assets and derivatives.
Brighter Super Chief Financial Officer Garnett Hollier said State Street was selected after a competitive tender process due to its "proven capability in servicing superannuation funds, the global network and scale, as well as local presence in Brisbane and an extensive superannuation client community."
State Street Country Head for Australia, Tim Helyar, said the mandate "further demonstrates State Street's commitments not only to Australia's superannuation industry but also Queensland as an important on-the-ground location for servicing our clients."
"We are excited to partner with Brighter Super as it transforms its operations following its recent mergers," Mr Helyar said.
Under the mandate, State Street will provide fund accounting and unit pricing, custody, administrative services, alternative investment services, taxation services, financial and regulatory reporting, performance and analytics, investment mandate monitoring and securities lending.
Brighter Super, which was rebranded in July 2022 following the merger of LGIAsuper, Energy Super and Suncorp Super, has sought to use its increased size to drive efficiencies of scale and fee reductions for most members.
"One of the major benefits is attaining sufficient scale and being able to take full advantage of technological advancements, and this is what our partnership with State Street will allow us to do," Mr Hollier said.
Mr Helyar said as super funds grew their assets and membership, it was increasingly important to harness the best technologies and capabilities available through their partners.
"Many funds realise the transformative potential of data but many lack the necessary technical capability, which is why State Street's systems, expertise and experience are a valuable fit," he said.
RELATED ARTICLES
Invest
Institutional investors react positively to policy stimulus in September
State Street Global Markets has reported a rebound in institutional investor risk appetite in September, driven by supportive policy announcements from central banks. Read more
Invest
AMP partners with Striver for Brimstone event to attract new financial advisers
AMP has announced a partnership with advice community and careers technology platform Striver for the annual Brimstone event series, scheduled to take place in Sydney next week. Read more
Invest
North expands managed portfolio options with new customisation features
North, a leading Australian wrap investment platform, has announced an expansion of its customisation options for managed portfolios, aiming to provide advisers with greater flexibility for their ...Read more
Invest
State Street partners with Taurus to expand digital asset capabilities
State Street Corporation has announced a strategic agreement with digital asset infrastructure provider Taurus SA to enhance its digital asset offerings for institutional clients. Read more
Invest
State Street Global Advisors maintains soft landing forecast despite trimmed rate cut expectations
State Street Global Advisors (SSGA) has released its midyear update of the Global Market Outlook, highlighting the resilience of risk assets despite increased uncertainty, stickier-than-expected ...Read more
Invest
North American fund managers to focus on passporting for European fund raising, study finds
North American fund managers plan to create European funds and use passporting to raise funds in Europe, ahead of reverse solicitation and National Private Placement Regimes (NPPR), according to a new ...Read more
Invest
Younger investors prioritize progress toward goals over absolute returns, study finds
A recent examination of results from Dimensional Fund Advisors' Global Investor Study reveals that younger investors tend to care most about seeing progress toward their goals, whereas older investors ...Read more
Invest
Diversification in your portfolio: A strategy for every Australian investor
Investing in today’s dynamic markets can be likened to navigating a labyrinth filled with many opportunities and risks. Read more
Invest
Institutional investors react positively to policy stimulus in September
State Street Global Markets has reported a rebound in institutional investor risk appetite in September, driven by supportive policy announcements from central banks. Read more
Invest
AMP partners with Striver for Brimstone event to attract new financial advisers
AMP has announced a partnership with advice community and careers technology platform Striver for the annual Brimstone event series, scheduled to take place in Sydney next week. Read more
Invest
North expands managed portfolio options with new customisation features
North, a leading Australian wrap investment platform, has announced an expansion of its customisation options for managed portfolios, aiming to provide advisers with greater flexibility for their ...Read more
Invest
State Street partners with Taurus to expand digital asset capabilities
State Street Corporation has announced a strategic agreement with digital asset infrastructure provider Taurus SA to enhance its digital asset offerings for institutional clients. Read more
Invest
State Street Global Advisors maintains soft landing forecast despite trimmed rate cut expectations
State Street Global Advisors (SSGA) has released its midyear update of the Global Market Outlook, highlighting the resilience of risk assets despite increased uncertainty, stickier-than-expected ...Read more
Invest
North American fund managers to focus on passporting for European fund raising, study finds
North American fund managers plan to create European funds and use passporting to raise funds in Europe, ahead of reverse solicitation and National Private Placement Regimes (NPPR), according to a new ...Read more
Invest
Younger investors prioritize progress toward goals over absolute returns, study finds
A recent examination of results from Dimensional Fund Advisors' Global Investor Study reveals that younger investors tend to care most about seeing progress toward their goals, whereas older investors ...Read more
Invest
Diversification in your portfolio: A strategy for every Australian investor
Investing in today’s dynamic markets can be likened to navigating a labyrinth filled with many opportunities and risks. Read more
