The Victorian Funds Management Corporation (VFMC) has named State Street as the custodian and administrator of the A$50bn in assets, replacing NAB Asset Servicing.
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NAB Asset Servicing has held the role for VFMC for the last 21 years.
State Street will offer VFMC with an integrated platform for custody, administration, performance and analytics as well as middle office services.
The firm was selected for the position following an extensive tender process.
Referring to State Street’s appointment, VFMC chief executive Warren Lee said: "We believe they understand the complexities of our business and will partner well with us to deliver high quality middle and back office solutions to service our clients."
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By GlobalDataAccording to State Street head of asset manager sector sales Paul Khoury, VFMC would be one of its largest asset management clients in Australia.
