Citi has retained its custodial and fund administration mandate with Hostplus after winning a competitive tender, securing a five-year contract extension with one of Australia’s largest superannuation funds.
The renewed deal extends a 13-year partnership between the two organisations and keeps Citi in place as custodian for the $150 billion industry fund, which has more than 1.9 million members and over 320,000 employers.
Citi said the renewed mandate would support Hostplus’ long-term business and investment strategies, as well as its operational requirements, as the fund continues to grow in scale and complexity. The bank also said the renewal reinforces its position in Australia’s $4.5 trillion superannuation sector.
Mark England, co-head of services for Citi Australia and New Zealand, said “We are delighted to continue our relationship with Hostplus. We aspire to be the custodian and funds provider of choice for industry superannuation funds, and our success in this competitive tender process is a strong endorsement of our platform.
“As Australia’s A$4.5 trillion superannuation sector continues to grow and faces greater regulatory obligations and investment requirements, Citi is confident that our capabilities and integrated solutions are unmatched in the market. The combination of our platform, people and unparallelled global network positions us as the long-term provider of choice for industry super.”
Hostplus chief executive David Elia said the outcome followed an extensive request-for-proposal process and reaffirmed Citi’s role in supporting the fund’s operations.
“We are pleased Citi has been reappointed as Hostplus’ custodian following a competitive RFP process. The outcome reflects Citi’s cultural alignment with the fund, their depth of capability and the quality of solutions they bring to our custodial arrangements.
“Through the in-depth process, we confirmed that Citi remains best placed to deliver custodial services that are critical to supporting our long-term business and investment strategies, and we value their ongoing commitment to the fund and our members.”
Citi said it had been selected for its custodial and fund administration capabilities, with the retained mandate intended to support Hostplus as it manages increasing investment requirements, regulatory obligations and operational demands.
