Victorian-based State Trustees is understood to have appointed, for the first time, a custodian to administer its unlisted trusts and an implemented consultant to drive investment strategies.

State Street is expected to soon begin providing investment services to the unlisted trusts within the business, with Russell likely to secure the firm’s implemented consulting mandate. The FUM involved is understood to be less than $1 billion. The individually managed accounts run by State Trustees will not be outsourced. Other services offered by the business include seven investment funds, covering local and international equities, fixed interest, cash and property, in addition to legal, estate planning and executor services. A spokesperson for State Trustees said the company was assessing the responses it had fielded from its request for custodial and implemented consulting proposals. “We’re working through the stages of the assessment process of the tender,” the spokesperson said. State Street provides investor services to Russell implemented trusts, however the proposals put forward by both service providers were not issued jointly. The tender was run by Drew Vaughan of professional services consultancy Dymond, Foulds & Vaughan.