POWERED BY MOMENTUM MEDIA
Commonwealth Superannuation Corporation appoints Northern Trust as custodian
The recently formed $24 billion Commonwealth Superannuation Corporation (CSC) has named Northern Trust as its custodian, effective from early 2012.
CSC chief executive Peter Carrigy-Ryan said the appointment had come after CSC had carried out an extensive search with exhaustive due diligence when assessing Australian custody providers.
"The effective delivery of custodial services is critical for the investment and management of the superannuation funds for which CSC is responsible," Carrigy-Ryan said.
Northern Trust Australia managing director Paul Cutts said CSC would be Northern Trust's first client in the Australian superannuation sector.
"We are delighted that CSC has recognised the significant value in our model and the range of market-leading capabilities we can deliver to the fund," Cutts said.
Northern Trust Australia head of sales Jeremy Hester said the interaction between the two parties had been very positive, adding "we expect to establish a long and mutually rewarding relationship with CSC".
CSC was established on 1 July 2011 after the merger of the Australian Reward Investment Alliance and Military boards, and the Defence Force Retirement and Death Benefits Authority.
Northern Trust is based in Chicago, and as of 30 June 2011 had assets under custody of US$4.4 trillion and assets under investment management of US$684.1 billion.
Recommended for you
The corporate watchdog is preparing to publish a progress report on private credit this September, following a comprehensive review of the rapidly expanding market.
The fund has appointed Fotine Kotsilas as its new chief risk officer, continuing a series of executive changes aimed at driving growth, but NGS Super’s CEO has assured the fund won’t pursue growth for growth’s sake.
AMP Super has taken a strategic stake in Atmos Renewables, funding major battery and wind farm projects to boost Australia’s clean energy transition.
The major superannuation fund is facing legal action from ASIC after allegedly failing to inform the regulator about investigations into serious member service issues.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
