Former superannuation minister joins Citi

Former senator and minister for superannuation Nick Sherry will take on a newly developed role with Citi Transaction Services as its senior adviser to the securities and fund services division.

Sherry will focus on Citi's pension products and pension clients in Australia and regionally across Asia-Pacific.

He was previously chair of the senate committee on superannuation, Minister for Superannuation and Australia's first Minister for Superannuation and Corporate Law.

Citi said Sherry's extensive knowledge of global policy developments in many Asian countries, the United Kingdom and United States would give the company greater access to contribute on a global scale.

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Regional head of Citi's securities and fund services, David Russell, said Sherry would play an important regional role and draw on his involvement in Australian super system reforms. 

"Australia's original and continued reform of superannuation leads the world, and Nick has

played an important role in this reform. His knowledge of the industry will support our efforts across the region as we continue to service the growing demands of the pension sector," Russell said.

Citi's chief country officer in Australia, Stephen Roberts, said the business was pleased to add Sherry to the team, which was well poised to provide custody and administration services to the Australian market as super assets grew.

Sherry said he was happy to join Citi during a period of great change for the industry.

"There are many new demands and opportunities for the custody business which Citi can meet. Citi's global and local presence, coupled with investment services, banking and capital markets operations, will allow the bank to meet the full scope of a fund's requirements," he said.

Citi's securities and fund services division provides custody and administration for $125 billion in Australian client assets and US$13 trillion globally.