State Street appointed global securities lending agent for REST
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State Street appointed global securities lending agent for REST 10 June 2011Sydney Reporter: Justin Lawson
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State Street Corporation has been appointed global securities lending agent to REST Industry Super, Australia’s largest industry superannuation fund by membership.
The appointment follows the announcement in January this year of a long-term superannuation servicing agreement between State Street and REST Industry Super which includes custody, fund accounting and complex tax services.
Ian Martin, senior vice president, head of Global Services, South East Asia, Asia Pacific/head of Global Markets, Australia & New Zealand, said the appointment was a significant milestone for State Street in Australia and demonstrated the group’s ability to work together to provide comprehensive solutions for clients.
“State Street is committed to growing its business to service the needs of Australia’s $1.3 trillion superannuation fund sector, and we are pleased to be able to offer this extra level of assistance to REST, along with the initial services announced five months ago,” he said.
Francesco Squillacioti, State Street’s Asia Pacific regional business director, securities finance, said: “Securities lending is an area where funds with extensive domestic and global holdings require specific support and technical expertise. State Street is consistently recognised in this area for its industry-leading, comprehensive and innovative solutions for clients.”
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