Australian investment management firm Challenger has selected State Street’s Charles River Investment Management System (IMS) to deliver front office services.
The announcement follows an appointment in the region earlier this year, when Charles River’s IMS was selected by Perpetual Group’s Australian asset management business to manage domestic and global portfolios, order and execution, compliance, post-trade processing and front-office data.
READ MORE: Perpetual selects State Street’s Charles River to manage front office ops
State Street will provide custody and investment administration and data services to the Challenger group, which includes fixed income platform Challenger Investment Management, multi-affiliate platform Fidante and annuity product provider Challenger Life.
David Mackaway, CEO of Artega, a venture majority-owned by Challenger, will join State Street’s Australian business with members of his management team. A further 100 Challenger employees will move to State Street this October, focussing on investment administration support for Challenger’s suite of listed and unlisted investment vehicles. In total, the firm holds AUS$127 billion in assets under management.
Tim Helyar, country head for Australia at State Street, commented: “As we welcome Challenger as a new partner, we are excited to be adding a large number of talented and experienced investment management and fund administration professionals to our team here in Australia. By growing our talent pool, we are enhancing our capacity to meet and exceed the increasingly complex needs of our clients in Australia. We will continue to invest and strengthen our servicing capability as part of our commitment to the Australian market.”
©Markets Media Europe 2024
