Rest renews State Street custodial mandate

Yasmine Raso

Senior Journalist, Financial Newswire

9 November 2022

Australian super fund, Rest, has announced the extension and expansion of its mandate with State Street Corporation for a further three years to provide a range of custodial and investment administration services.

Since it was first appointed under the mandate in 2011, State Street has successfully worked with Rest under the mandate to deliver administrative and investment support, particularly after its affiliate Charles River Investment Management Solution was also selected to provide additional services.

This involved streamlining Rest’s front and middle office operations to manage asset allocation, global equities, fixed income, FX and futures.

“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,” Tim Helyar, Head of Australia at State Street, said.

“We are delighted to renew our partnership with Rest in an extremely important part of their business. We are proud to support Rest as they continue to grow their portfolio complexity and size.

“This acknowledgment from a leading Australian superannuation fund is testament to State Street’s unique offering and commitment to the country’s superannuation market.”

The renewal of the mandate will see State Street continue to provide back office support, with services ranging from 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,” Rest Chief Financial Officer, Kulwant Singh-Pangly, said.

“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.”