Brighter Super, a superannuation fund based in Queensland, Australia, has chosen State Street Corporation as custodian and administrator for the more than A$30 billion (US$19.79 billion) in funds invested for its members.

State Street will provide a comprehensive range of services to Brighter Super’s more than 130 portfolios across multiple asset classes including equities, fixed income, private assets and derivatives.

“After a competitive tender process, we selected State Street as we believe they have the 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,” says Brighter Super chief financial officer Garnett Hollier.

Tim Helyar, State Street country head for Australia, adds: “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.”

Under the new mandate, State Street will provide Brighter Super 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 has sought to use the increased size it gained from the merger of LGIAsuper and Energy Super in 2021 and the acquisition of Suncorp Super, which was completed last year, driving efficiencies of scale and fee reductions for most members.

“At Brighter Super, we recognize both the need for, and the opportunity arising from, the current industry consolidation because we have been a part of it with our own series of mergers,” Hollier says. “One of the major benefits is attaining sufficient scale and being able to take full advantage of technological advancements, and this is what our partnership with State Street will allow us to do.”

Brighter Super manages over A$30 billion in retirement savings on behalf of more than 230,000 members, as of March 31 2024. Brighter Super is the fourth largest non-government financial institution in Queensland.