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Brighter Super awards custody mandate

Brighter Super has appointed a new custodian, severing its ties with NAB Asset Servicing.

The $32 billion super fund chose State Street to be its custodian and back-office administrator for some 130 portfolios.

The services cover fund accounting and unit pricing, custody, administrative services, alternative investment services, taxation services, financial and regulatory reporting, performance and analytics, investment mandate monitoring and securities lending.

Brighter Super chief financial officer Garnett Hollier said State Street was selected for its "proven capability in servicing superannuation funds, the global network and scale, as well as local presence in Brisbane and an extensive superannuation client community that will bring enormous benefits to our members."

State Street country head for Australia Tim Helyar said: "This significant mandate further demonstrates State Street's commitments not only to Australia's superannuation industry but also Queensland as an important on-the-ground location for servicing our clients."

Brighter Super is the result of a merger between LGIAsuper and Energy Super, as well as the acquisition of Suncorp Super.

The fund is home to 230,000 members and is the fourth-largest non-government financial institution in Queensland.

Brighter Super chief executive Kate Farrar recently flagged intentions to splash $500 million to build Queensland.

The fund is hunting for investment managers that are specialists in infrastructure, including energy and renewables, housing, property, and agriculture.

Brighter Super already has $1 billion invested across Sunshine Coast Airport and the Central Queensland Livestock Exchange.

The original version of this article incorrectly stated that J.P. Morgan was the previous custodian.

Read more: Brighter SuperState StreetEnergy SuperGarnett HollierJ.P. MorganKate FarrarLGIAsuperSuncorp SuperTim Helyar