Rest Industry Super has renewed its contract with State Street for an additional two years for the provision of a wide range of custodial and investment administration solutions, effective from June 1 2014.

State Street provides Rest with superannuation services including custody, fund accounting, performance and analytics and complex tax services across a variety of asset classes.

“Superfunds are going through a period of significant transformation both operationally and in a regulatory sense,” said Rest CEO, Damien Hill. “At the same time we are facing challenging investment market conditions.”

Research by State Street and Clear Path Analysis shows that superfunds are grappling with five main challenges including complying with reforms, ensuring the right data systems are in place, helping members better prepare for retirement, maximising returns while managing risk, and deciding whether they are better suited to an internal or external investment model.

“We recognise that the world in which Australian superfunds operate is becoming increasingly sophisticated and we’ve invested heavily in technology and infrastructure to help clients like Rest adapt to those industry challenges,” said Ian Martin, executive vice president, State Street.

Rest had $31bn in funds under management and 1.9m members in March 2014.