State Street wins key Brighter Super mandate
State Street has picked up the custody and administration mandate for Queensland-based fund, Brighter Super.
Brighter Super which evolved from LGIA Super and then a merger with Energy Super selected State Street via a competitive tender process.
The fund said it had sought to use the increased size it gained from the merger of LGIAsuper and Energy Super in 2021 and the acquisition of Suncorp Super, which was completed last year, driving efficiencies of scale and fee reductions for most members.
Confirming its appointment, State Street said it would be providing a range of services to Brighter Super’s more than 130 portfolios across multiple asset classes including equities, fixed income, private assets and derivatives.
Commenting on the mandate decision, Brighter Super chief financial officer, Garnett Hollier the fund recognised both the need for, and the opportunity arising from, the current industry consolidation because it had been a part of it with its own series of mergers.
“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,” he said.
State Street Country Head, Australia, Tim Helyar said that under the mandate the firm would provide Brighter Super with 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.
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