HESTA, the $21 billion industry fund, has reappointed JP Morgan as its custodian.
The decision to continue with JP Morgan's services came after a "competitive tender process", according to a JP Morgan statement.
The custodian will continue to provide custody, portfolio administration, securities lending, performance, compliance and unit pricing services to HESTA, according to JP Morgan.
HESTA executive manager for investments and governance Rob Fowler said JP Morgan would help HESTA "keep pace with industry change in this increasingly competitive member environment".
"JP Morgan demonstrated a deep understanding of our business and has proven it can deliver the breadth and depth of data we need, enabling us to focus on our members and manage a rapidly evolving investment climate," said Fowler.
JP Morgan Investor Services' (Australia and New Zealand) Mark Kelley said his company would help HESTA meet its regulatory and member needs.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
Brighter Super is considerably scaling down the investment options it offers members in order to reduce costs.
Add new comment