State Street has been named as the custodian and administrator of the $50 billion in assets held by the Victorian Funds Management Corporation (VFMC) replacing NAB Asset Servicing who held the position for the past 21 years.
VFMC provides investment and funds management services to public authorities and operates under the oversight of the Victorian State Government with a majority of its clients involved in providing some form of insurance or superannuation.
State Street was chosen after a tender process and will provide VFMC with a platform for custody, administration, performance and analytics, and middle office services.
VFMC chief executive Warren Lee said State Street was chosen as it understood the complexities of the VFMC business while State Street head of Asset Manager Sector Sales Paul Khoury said VFMC would be one of its largest asset management clients in Australia.
