State Street has been selected as the custodian and investment administrator for Challenger Limited, an Australian investment management firm with A$127 billion in assets under management. The agreement, set to commence in October 2024, will see the US-based firm providing custody and investment administration services to Challenger, Fidante, and their affiliates.
Challenger states that the deal aligns with its growth strategy, particularly in retirement services, investment management, and asset origination. State Street’s Alpha platform, which integrates front-, middle-, and back-office functions, is expected to play a key role in supporting these operations.
The transition of services is expected to be completed by early 2027. As part of the agreement, approximately 100 Challenger employees will move to State Street, continuing their roles in supporting Challenger’s investment vehicles.
David Mackaway, CEO of Artega, a Challenger venture, will also join State Street, bringing over 25 years of industry experience.
