This year’s top 10 stories included a peek into AustralianSuper’s international equities build out in London, AMP’s move to slash employee benefits, and plenty of hard-hitting analysis of the issues that matter in institutional investment. But the real story is how readers helped shape all of that coverage.
Orbis’ Stuart Place is riding from Melbourne to the Moon and Back to fund a treatment for the “monster of a disease” that his youngest son was born with. The investment industry is rallying behind him.
EISS switches custodians
(Pictured: Alex Hutchison)
Energy Industries Superannuation Scheme, the A$4.3 billion NSW-based fund, has changed asset servicing provider following a review. Northern Trust is replacing JP Morgan.
The fund did a “detailed search and due diligence” under the supervision of chief executive Alex Hutchison and with the help of consultants. This is a relatively new trend whereby fund chief executives and chief investment officers seem to be taking far greater interest in their custodian relationships than previously, where the decision had been left to CFOs and COOs.
Hutchison said consultants to the review were Michael Rice, of Rice Warner, and Antionette Elias, a partner at EY (formerly known as Ernst & Young).
Hutchison said: “The custodian is a key strategic partner in the provision of services for the fund and competition in this space has significantly increased over the past few years. Northern Trust’s culture, global operating model and technology systems were key areas of importance for the fund.”
Rohan Singh, managing director of Northern Trust in Australia, said: “We are delighted and honored by the appointment, and look forward to supporting EISS with a range of solutions to meet their investment oversight, governance and growth strategies.”
JP Morgan’s loss follows its big win of the Cbus asset servicing contract, from NAB Asset Servicing, late last year. That transition is continuing.
