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.
The $355 billion AustralianSuper has acquired a $1.4 billion European industrial and logistics portfolio, owned by OMERS real estate subsidiary Oxford Properties. The nation’s biggest fund is targeting a $7.5 billion valuation for the venture and $35 billion allocation in European and UK region before 2030, supported by its biggest international office in London with 121 employees.
Darcy SongJanuary 14, 2025
