DLA Phillips Fox client, the Retail Employees Superannuation Trust (REST), recently announced that it has appointed State Street to provide custody, fund accounting and tax services to the $18 billion super fund in what is expected to be the largest superannuation fund custodian transition once complete.
DLA Phillips Fox Partner, Peter Charteris, who acted for REST to finalise the terms of the State Street deal said the next stage is the post-appointment transition work involving managing all legal aspects of the transfer of REST’s $18billion assets from current custodian, JP Morgan, to State Street.
‘REST has many international investments. In each country different legal processes apply, so this will be a particularly large and complex transition of assets.
‘Based on our experience with these types of deals, we have been extremely pleased with how smoothly the deal proceeded, particularly considering its size and complexity,’ he said.
The transition of assets is expected to be completed in the first half of 2011.
Related Posts:
- None Found