ING Direct has appointed State Street to the dual role of custodian and investment manager for its new superannuation product, Living Super.
State Street Corporation will provide custody and administration services, including fund accounting, taxation, regulatory reporting, unit pricing and corporate actions.
State Street Global Advisors has been appointed investment manager for the managed investments, excluding cash.
"The Australian superannuation industry is undergoing a significant period of change in response to regulatory pressures and the shifting demands of investors," State Street Global Markets and Global Services vice president for Australia and New Zealand Ian Martin said.
"In particular, members are demanding lower costs, greater transparency and more control over their superannuation investments. These requirements are presenting challenges to some funds but creating opportunities for others.
"ING Direct has responded to this opportunity with the launch of Living Super, which offers a unique low-cost proposition for Australian superannuation investors. We are proud to ... support the launch and growth of its new direct superannuation product."
