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State Street Signs Securities Lending Agreement with REST Super

Posted: 08 Jun 2011

State Street has been appointed global securities lending agent to the AU$20 billion REST Industry Super, Australia’s largest industry superannuation fund by membership.

State Street will provide REST with a comprehensive securities lending programme for its holdings of both bonds and equities in approximately 30 markets around the world. In January, REST signed an agreement with State Street to provide custody, fund accounting and taxation services.

“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,” said Ian Martin, senior vice president, head of Global Services, South East Asia, Asia Pacific/head of Global Markets, Australia and New Zealand.

State Street has approximately US$2.3 trillion in lendable assets and about US$359 billion in average assets on-loan as of 31 March, 2011. It serves more than 400 customers and approximately 140 borrower relationships worldwide from 12 locations in North America, Europe and Asia Pacific.

(RA)

If you have any comments about this story or news tips, contact Christopher Gohlke in New York at cgohlke@globalcustodian.com or Janet Du Chenne in London at jduchenne@globalcustodian.com.