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Aware Super awards $30bn mandate

Aware Super has appointed an index solutions provider to take care of its passive equity and fixed income mandates.

State Street Global Advisers will now manage about $30 billion in passive strategies for the $145 billion fund.

The appointment follows a comprehensive tender process and extends Aware Super's longstanding relationship with SSGA's parent company, State Street Corporation. State Street Australia is Aware Super's custodian.

"State Street Global Advisors will help us deliver value for our members and leverage the benefits of scale as we build on our position as one of Australia's largest and top-performing super funds," Aware Super chief investment officer Damien Graham said.

"SSGA is a world-class investment company with strong environmental, social and governance (ESG) credentials that are very aligned to our own. Their proposal offered compelling value for money for our members and the ability to leverage scale to support our aim to provide our members with strong, sustainable, long-term returns today and for decades to come."

"We pride ourselves on doing well for our members in terms of performance while doing good in the communities where they live, work and retire. This relationship with SSGA will help us to deliver on that commitment."

SSGA head of Asia Pacific James MacNevin added: "SSGA is proud to be expanding our relationship with Aware Super in providing a broad array of index solutions to their members."

"We also have a long history of developing innovative ESG solutions, and our team are looking forward to partnering with Aware Super to help accomplish their ESG goals today and in the future."

Previously, Vanguard managed indexed investments in equities and fixed interest for Aware. Ahead of launching its own super product, Vanguard has ceased managing passive strategies on behalf of other institutions.

Read more: Aware SuperESGVanguardState Street AustraliaAsia Pacific James MacNevinDamien GrahamState Street CorporationState Street Global AdvisersState Street Global Advisors