REST Industry Super, Parramatta, Australia, hired State Street as master custodian and core fund accountant for the A$18 billion (US$17.9 billion) plan.
J.P. Morgan, the previous custodian, had been with the plan for 18 years.
Damian Hill, REST’s CEO, said the plan would be increasing its international investment allocation and noted that State Street was one of the largest providers to complex pension funds in the world.
“We expect to be able to leverage off that expertise,” he said.
Greg O’Sullivan, State Street’s vice president of investor services, said he expected the firm to take over the accounting and custody services by June 30.
The review process was run by REST senior investment manager Jo Townsend with assistance from consultant JANA Investment Advisers.
Mr. Hill said he was grateful for J.P. Morgan’s good service to his fund over a long period.
Greg Bright writes for I&T News, Sydney.
