RBC Dexia Investor Services is competing to keep its largest Australian client, as the $34 billion Perpetual Investments undergoes a tender process for its custodian and fund administration contracts.
Service providers participating in the tender have indicated it is being run by CSTIM, the backoffice consultancy of which Phillip Hope, a former head of operations at Perpetual, is Australian co-founder. RBC purchased the Perpetual backoffice in 2002, although the manager is understood to still perform some unit registry functions in-house. A Perpetual spokesperson said CSTIM had been conducting an “;administrative review”; of the manager over several months. Perpetual representatives were yesterday unavailable for comment on the current status of the tender, although it is understood to have reached short-list stage.
12/12/2006
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Investments
Aware Super has backed the call for a legislative change that will introduce mandatory human rights due diligence for large Australian companies, as head of responsible investment Liza McDonald said it’s a “reasonable request” which will help asset owners understand and manage the governance risks in their portfolios.
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