Perpetual Investment Management Limited, the Australia-based asset manager, has appointed State Street to provide custody and fund administration services. State Street will provide core custody, middle office, administration, valuation, accounting and tax reporting services to the funds managed by Perpetual. In addition, Perpetual will leverage State Street’s enterprise data platform to manage data across the investment cycle. The appointment comes after a search to replace Perpetual’s current custodian, RBC, which announced plans to exit the Australian market in 2019. RBC signed a non-binding client transfer agreement with Citi in 2020.
