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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.
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