Two superannuation funds with a combined $9 billion in assets under management have reappointed State Street to provide custody and asset services.
NGS Super has re-signed with State Street for an additional three years, while Christian Super has also agreed to extend its custody contract for six years.
"We're delighted that both NGS and Christian Super have reappointed us as their custodian," State Street Global Services and Global Markets head of Australia Chris Taylor said.
"Super funds generally are facing challenges on a number of fronts, including greater pressure from regulators. These are creating demands for more frequent reporting and significantly more detail in the data funds need to provide about their investment portfolios.
"The heavy investment we've made in our own technology in recent years is aimed at providing increasingly sophisticated services to help funds like NGS and Christian Super meet those demands."
State Street will provide both funds with custody, unit pricing, fund accounting, tax and regulatory services, performance and investment analytics and mandate compliance.
According to the latest Australian Custodial Services Association data, State Street had more than $390 billion in assets under custody for Australian investors, making them the fourth largest provider in a $3.1 trillion industry.
The industry is forecast to hit $9.5 trillion by 2035 off the back of growth in industry and retail funds, and the increasing popularity of SMSFs in post-retirement phase.