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
spokesperson, conducting, administrative, perform, representatives, perpetual, functions, backoffice, current, registry, purchased, cstim
Investments
Canada has established its first national-level sovereign wealth fund with a seed of C$25 billion to underwrite “nation-building” projects like ports, mines and energy infrastructure. In an unusual funding mechanism, the fund will issue a retail product that will allow individual investors to invest with the SWF and “participate in Canada’s growth”.
Leave a Comment
You must be logged in to post a comment.