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Cbus assesses long-standing custody relationship
Cbus is conducting an open market Request for Proposal (RFP) for the provision of custody services to the fund.
NAB Asset Servicing has provided Cbus with custody services since 1993, with periodic service reviews cementing the custodian's long-term relationship.
Cbus said it was the first full RFP since the relationship had commenced 20 years ago.
Cbus executive manager of investment management Trish Donahue said it was important that the fund review its service providers to ensure members were receiving the best possible deal and that service delivery was keeping up with the changing needs of the fund and its sector.
"Cbus and NAB Asset Servicing have a long-standing relationship and NAB Asset Servicing is highly regarded in the sector for its custody services," Donahue said
"In the current rapidly changing regulatory environment and in light of the major investment review recently undertaken within the fund, Cbus is using the RFP process to test the market and see who can best meet our growing requirements into the future," she said.
The review will be conducted over the next few months with a decision expected early in the new financial year.
Donahue announced the appointment of David Vaughan to conduct the RFP on behalf of the fund.
Vaughan has over 25 years experience consulting to institutional superannuation funds and funds management organisations.
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