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 December 2006 00:00
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Investments
Ryan Riedler, head of ASX core strategy, Australian equities at Cbus, says the fund will look to generate alpha locally through engagement and that internalisation will help it strengthen its connection with other market participants, as well as its brokers and service providers.
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