Western Australian public sector fund GESB has appointed Northern Trust to provide a range of services for its $20 billion super and retirement scheme.
Northern Trust will provide global custody, fund accounting, taxation, performance measurement and attribution and other related services.
GESB CEO Howard Rosario said the fund chose Northern Trust for its technology capacity and cultural fit.
The appointment comes after a detailed review by GESB based on WA State procurement policies.
International consulting firm Thomas Murray helped with the review process.
GESB had previously appointed National Australia Bank's National Asset Services to provide it with the investment advisory services.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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