BNP Paribas Securities Services (BNP PSS) bade farewell to its head of transition management last Friday, but good news came in the form of a master custody contract for a $1.2 billion NZ client.
Melanie O’Rourke starts this week as a co-director of investment operations at the $12 billion WorkCover NSW investment division, which recently switched its backoffice contracts from BNP PSS to State Street Investor Services. The other co-director at the Workcover division, Steve Ingham, said O’Rourke had worked extensively with his team on mandate transitions in her former capacity at BNP PSS. O’Rourke is joining Workcover on a full-time but contractual basis, covering for Ruwanie Dias who has just gone on maternity leave. A BNP PSS spokesperson said O’Rourke’s responsibilities would be covered by group head of fund administration, Caroline Marull, while a replacement for O’Rourke was sought. In better news for the custodian, it has been selected as the first ever custodian for the $1.2 billion Mercer Super Trust in New Zealand, after a tender and due diligence process. BNP PSS’ NZ head, Hugh Stevens, said the custodian had “;invested heavily”; to support the country’s new ‘portfolio investment entity’ and ‘KiwiSaver’ regimes.
31 July 2007 00:00
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Investments
The Future Fund delivered a 14.8 per cent one-year return to June 30, 2026, attributing the return to a combination of exposure to commodities, geographic diversification, an increased focus on active management and low exposure to bonds. Newly minted chief investment officer Richard Brandweiner also highlighted strong performance in emerging markets.
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