Qsuper CFO Michael Cottier said that the new custodian was chosen after a six month review of a range of potential custodians.
Upon completion of the transition, State Street will provide services that include unit pricing, compliance monitoring, alternative asset reporting, plus tax and accounting services.
State Street head of Global Services South East Asia & Pacific and head of Global Markets Australia & New Zealand Ian Martin said that QSuper is now the company’s largest Australian superannuation fund client.
"We have significant experience and expertise in the superannuation sector and, following the transition of QSuper, we will service approximately A$80bn of Australian superannuation dollars," Martin said.
Prior to this mandate, State Street has signed an agreement to provide investment servicing to Washington State Investment Board (WSIB) for $80.4bn in assets.
State Street will provide a range of investment services to WSIB, including custody, daily investment and compliance reporting, securities lending, securities valuation and settlement.
