Industry fund HOSTPLUS has appointed Citi as custodian in its bid to capture self-managed super fund (SMSF) market share.
HOSTPLUS chief executive David Elia said although its incumbent provider JP Morgan had done a "fantastic" job for over a decade, Citi aligned better with its objectives in terms of its transformation into a pooled superannuation trust (PST) and its investment into Asia.
Elia said the fund hopes to launch itself as a PST in line with its transition to the new custodian, which should be completed in August or September.
He conceded a number of other funds may have had the ability to target SMSFs as a PST, but said HOSTPLUS would actively market the fund's capabilities to SMSFs that could then transfer into HOSTPLUS' low-cost option.
