Tower Australia Limited has continued down the outsourcing track, appointing State Street Corporation to provide unit registry services, unit pricing and custodial functions for Tower’s $2.6 billion Australian multi-manager product range.
The announcement of the Tower appointment follows Tower’s announcement last month that it had appointed Russell Investment Group as investment manager for the multi-management funds.
Commenting on the State Street appointment, Tower head of investments Sue Mieog said it represented a continuation of the company’s strategy of improving the value of its offering to investors while delivering internal efficiencies.
Under the new outsourcing arrangement, State Street will provide a range of administration services for Tower’s various multi-manager funds and insurance products, including accounting, unit pricing, wholesale unit registry, performance reporting, taxation services and custody.
Mieog said the State Street appointment had followed an extensive and detailed tender process.
