BNP Paribas Securities Services (BNP PSS) is likely to be appointed master custodian for the merged Print Super/JUST Super, although this will not be confirmed until mid-February.
The merger working party is due to meet next month following the return from holidays of Ross Martin, the chief executive designate and current Print Super CEO. Industry sources indicate that Print Super’s incumbent custodian, BNP PSS, has been chosen in-principle to oversee the merged fund ahead of JUST’s incumbent, National Custodian Services. Similarly, Print’s incumbent member administrator, Pillar Administration, is understood to have received an in-principle nod over JUST administrator Superpartners. Print Super’s head of operations, Michael Rooney, said negotiations were continuing on both the custodian and administrator contracts. He said no final decisions on the new fund’s board or initial staff had yet been made, beyond that of Martin as CEO and Gerard Noonan, current JUST chair, as chair of the merged fund.
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
