First State Super goes with State Street for custody

First State Super has selected State Street as its new custodian to provide custody services for its $52 billion investment portfolio.

Under this arrangement, State Street will provide master custody, investment administration, and custody ancillary services and middle office services.

“The decision to undertake a custody review was driven by the desire to ensure we are well-positioned to support the continued growth of our business and to have the best long-term partners in place to help us meet current needs and future business requirements,” said First State Super CEO Michael Dwyer.

State Street head of global services and global markets for Australia Chris Taylor said, “First State Super has a clear objective to be closer to markets and to have greater control over investment decisions, in order to deliver even better outcomes for members.“

“We are well placed to help First State Super mitigate the operational risks and develop the necessary investment infrastructure that this change requires,” Taylor added.