CitiStreet, a jointly owned subsidiary of State Street Corp and Citigroup, is to acquire the back office administration business of SunGard Employee Benefit Systems's (Sebs) Australia, as it opens it first overseas operation.
The Australian business, CitiStreet Australia Pty Limited, will offer Australian retirement funds a technology-led solution for fund administration as well as a broad range of member services, including ongoing member communication, investment education and savings planning advice.
CitiStreet's services use SunGard software and the OmniPlus administration platform, which will also act as the foundation for services offered in Australia. The Sebs acquisision provides CitiStreet with a platform from which to launch the new business later this month.
Gary Cox, chief executive officer of Sebs in Australia, will be managing director of the new company and will report to James Phalen, CitiStreet chairman of the board and CEO.