(11 January 2011 – USA) State Street, a financial services firm in the United States, has taken a contract to provide custodial services for a A$18 billion Australian pension fund off rival banking giant JP Morgan Chase.The Boston-based bank has confirmed it will increase staff numbers to handle the complete tax services, fund accounting and custody of REST Industry Super.
REST Industry Super is Australia’s largest pension fund by membership in Australia, with over 1.9 million policy holders.
‘We’ll certainly be continuing to expand our head count now,’ reported State Street Global Services’ Greg O’Sullivan to Dow Jones Newswire.