Major deal sees Artega chief move to State Street

David Mackaway, the chief executive officer of Challenger-owned Artega Investment Administration, will move to State Street Corporation following a custody deal between the two firms.

Challenger has selected State Street to provide custody and administration services in a move that will see the many Artega staffers moving to the custody giant.

The arrangement will see State Street looking after the custody needs for the entire Challenger group, overseeing $127 billion of assets for multi-affiliate platform Fidante, fixed-income platform Challenger Investment Management, and annuity provider Challenger Life.

Following the transaction, about 100 Artega people will transfer to State Street in October including executive general manager Ross Gulliford.

Mackaway has served as Artega's chief executive for just four months moving from Challenger, where he spent 15 years as group chief operating officer.

Previous executive roles include operating chief for MMC Contraria and a similar role at Principle Global Investors.

Before that, he spent six years at BT Financial with the currency and fixed-income team.

In many ways, Gulliford has a similar background to Mackaway.

Before joining Artega, he ran investment operations at Challenger for 15 years.

During that time, Gulliford managed all teams that supported the life and funds management business.

He joined from BNP Paribas, where he served as head of custody and administration.

State Street country head for Australia Tim Helyar said: "As we welcome Challenger as a new partner, we are excited to be adding a large number of talented and experienced investment management and fund administration professionals to our team here in Australia."

"By growing our talent pool, we are enhancing our capacity to meet and exceed the increasingly complex needs of our clients in Australia. We will continue to invest and strengthen our servicing capability as part of our commitment to the Australian market."