State Street Corporation has announced it has been chosen to provide custodial, investment administration and data management services to Australian Retirement Trust (ART).
ART was formed by the merger of Sunsuper and QSuper and manages more than AU$230 billion in retirement savings for its more than two million members.
“This significant mandate demonstrates our dedication and commitment to the Australian superannuation industry,” said Mostapha Tahiri, CEO, Asia Pacific at State Street. “We are honoured to partner with ART as it enters the next phase of integration, transformation and growth following last year’s successful completion of the merger.”
“State Street’s capabilities will allow ART’s in-house team to focus on core portfolio management and operational responsibilities, as well as enhancing products and services for their members.”
Australian advisory and data services firm Novigi has been appointed by financial technology company Grow Inc (Grow) as one of its transition partners as it continues to bring new superannuation clients onto its platform.
“It is a unique time in the sector. I can’t think of a fund that I engage with that is not involved in a merger, considering one, doing a technical replatforming project or again, considering one. There is a massive amount of data migration happening across the sector,” said Novigi CEO Ash Priest.
“Even if the fund elects to avoid a merger with a competitor, the option to ‘re-platform’ administration and data systems remains as a viable choice to help drive cost efficiencies and improved member outcomes,” he said.
New HESTA modelling shows paying super on the Commonwealth Parental Leave Pay scheme and better targeting tax concessions could significantly improve the retirement balances of critical health and community services professionals.
HESTA CEO Debby Blakey said the Federal Budget was a chance to address the “motherhood penalty”, where women faced a more insecure financial future because they took time out of the workforce to care for children.
“Every dollar our members can add to their super counts. That’s why the Federal Budget is a key opportunity to make real progress on boosting women’s financial security in retirement,” Blakey said.
“Our super system is one of the world’s best, but gaps remain that overwhelmingly disadvantage women and those earning lower wages.”
Aviva Investors has launched the fifth edition of their annual ‘Real Assets Study’ and have taken a deep dive into investor attitudes towards sustainable real assets.
The Study canvassed the views of 500 institutional investors drawn from the UK, Europe, North America and Asia Pacific region, with US$3.5 trillion of assets under management collectively with 125 APAC (including 25 Australian) institutions included.