State Street, a provider of financial services to institutional investors, has been appointed by QIC, an Australia-based institutional fund manager, to provide a full range of investment services for QIC’s new Irish-domiciled qualified investment fund (QIF).
Reportedly, State Street will provide custody, fund administration and performance and analytics services for QIC. QIC has made its Global Fixed Interest (GFI) Alpha Fund available to investors outside Australia through Ireland’s QIF structure. According to the State Street, the GFI Alpha Fund uses absolute return strategies across fixed-income global macro markets and credit derivatives.
Susan Buckley, managing director of global fixed income, QIC, said: “In making our first move outside Australia, finding a service provider that could take on the full range of our servicing needs was important. With its global presence and local leadership in investment servicing from the back office to performance and analytics, State Street was the clear choice for this assignment.”
Gavin Nangle, vice president and head of business development in Ireland, State Street, said: “We are very pleased to be selected by QIC to provide a suite of investment services for its new Irish-based fund. Faced with growing complexity and increased compliance requirements, more asset managers are choosing to outsource investment operations to full-service providers like State Street.”
