State Street awarded ART custody mandate

State Street Corporation has emerged as the winner of the single custody mandate for Australian Retirement Trust (ART).

ART, which was formed out of last year’s merger of SunSuper and QSuper, announced its selection of State Street this week.

The decision sees Northern Trust, which had been servicing QSuper, miss out.

Commenting on the mandate, ART chief financial officer, Anthony Rose said it reflected the manner in which the merger was driving greater efficiencies.

“Moving to a single custodian will be a significant integration milestone following the merger last year,” he said.

“ART has a long-standing relationship with State Street, with both heritage funds having worked with State Street over the past decade, and we’re excited to continue to build on this partnership over the years ahead.”