State Street : Queensland’s Brighter Super Chooses State Street for Custody and Administration Partnership

SYDNEY, June 11, 2024

State Street Corporation (NYSE: STT) today announced that it has been chosen as custodian and administrator for the more than A$30 billion in funds invested for members of Brighter Super.

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

Brighter Super Chief Financial Officer Garnett Hollier said: "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."

State Street Country Head, Australia, Tim Helyar said: "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."

"We are excited to partner with Brighter Super as it transforms its operations following its recent mergers," Mr Helyar said.

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 recognise 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," Mr Hollier said. "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."

Mr Helyar said as super funds grew their assets and membership, it was increasingly important to harness the best technologies and capabilities available through their partners.

"Many funds realise the transformative potential of data but many lack the necessary technical capability, which is why State Street's systems, expertise and experience are a valuable fit," Mr Helyar said. "We look forward to embarking on a long-term partnership with Brighter Super."

About Brighter Super

Rebranded in July 2022 from merged superannuation funds, LGIAsuper, Energy Super and Suncorp Super, Brighter Super is a top performing, Queensland-based industry superannuation fund. Brighter Super manages over A$30 billion in retirement savings on behalf of more than 230,000 members, as of 31 March 2024. Brighter Super is the fourth largest non-government financial institution in Queensland.

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 USD43.9 trillion in assets under custody and/or administration and USD4.3 trillion* in assets under management as of March 31, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 46,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of March 31, 2024 includes approximately USD66 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.

© 2024 State Street Corporation

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