Charles River Development, a State Street company, today announced that Retail Employees Superannuation Trust (Rest), one of Australia’s largest industry superannuation funds with approximately 1.8 million members, has selected the cloud-based Charles River Investment Management Solution (Charles River IMS) to consolidate their front and middle office operations for managing asset allocation, global equities, fixed income, FX and futures.
Rest will implement Charles River IMS to support their internally managed investments as well as their ‘whole-of-fund’ requirements, leveraging the Charles River Investment Book of Record (IBOR) for real-time cash and positions. Rest will use Charles River to support and deliver a transparent view and workflow across their business, including portfolio construction, decision support, risk, collateral management, order management and compliance.
“The platform’s flexibility and scalability will enable us to automate processes and achieve efficiencies at this time as we build a global best practice internal investment capability. Combining internal and external investment management in one desktop system will allow us to focus real-time on achieving strong long-term returns for our members,” said Andrew Lill, Chief Investment Officer, Rest.
“Charles River continues to build a strong local presence in Melbourne which is critical to supporting our growing client base in the superannuation sector,” said Cameron Field, managing director – Asia Pacific, Charles River Development. “The adoption of Microsoft Azure as the cloud platform for our SaaS deployment delivers compelling benefits for this market such as the ability for clients to rapidly deploy new products and services, ease of increasing data and computing capacity, as well as a suitable approach for addressing data residency concerns.”
State Street currently provides Rest with custodial services as well as their data management solution State Street Alpha℠ Data Services.
About Rest Industry Super
Established in 1988, Rest Industry Super is one the largest superannuation funds by membership, with around 1.8 million members and around $60 billion in funds under management (as at 31 December 2020). Rest Investments has a 30-year history of focusing on long-term investing across multi-asset portfolios to deliver strong, superior returns for its members. Its investment team is located across Sydney, Melbourne, New York and London.
About Charles River, A State Street Company
Investment firms, asset owners, wealth managers, hedge funds and insurers in more than 30 countries rely on Charles River’s front and middle office investment management platform to manage more than US$30 Trillion in assets. Together with State Street’s middle and back office capabilities, Charles River’s cloud-deployed software technology forms the foundation of State Street AlphaSM. The Charles River Investment Management Solution (Charles River IMS) is designed to automate and simplify the institutional investment process across asset classes, from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Charles River’s growing partner ecosystem enables clients to seamlessly access external data and analytics, applications and liquidity venues that support the unique demands of their product and asset class mix. Headquartered in Burlington, Massachusetts, we serve clients globally with more than 1,000 employees in 11 regional offices. (Statistics as of Q1 2021)
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $38.8 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of December 31, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2020 includes approximately $75 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
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