AUSTRALIA - State Street has been awarded a mandate to provide custody and administration services for Australia's AUS$3bn (US$2.6bn) Non-Government Schools Superannuation Fund (NGS Super).
The custody mandate was previously held by BNP Paribas and administrative duties were carried out by Citi Street Australia.
Commenting on the decision to move both contracts to a single provider, Colin McGuinness, CEO of NGS Super, said the fund wanted to move towards an integrated custody and administration platform
McGuinness added that State Street were the best placed provider to help NGS Super deliver lower operational risk and possibly offset the costs of a proposed shift from weekly to daily unit pricing.
The NGS Super fund provided retirement benefits for over 80,000 members in the non-government education sector.
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