Responsibility for Perpetual Investments’ outsourced custody and fund accounting functions has shifted from the finance division to the chief operating officer, Eric Wang, who wants to bed down the manager’s new unit registry system before deciding whether to re-sign RBC Dexia Investor Services.
Operations’ was one of the divisions created by Perpetual chief executive David Deverall in a restructure last month which coincided with the departure of wealth management chief, Gerard Doherty, to run Fidelity Investments. (The other new divisions were Australian Equities, Global Equities, Income and Multi-Sector and Private Wealth.) Wang said that his operations team was “;in discussions”; with RBC Dexia IS, which has provided backoffice services for Perpetual since a lift-out of the manager’s internal administration team several years ago. However, he said he still needed to review documentation previously created by Perpetual’s end-to-end review of its administration systems and processes. Parts of the review have been assisted by Morse Consulting. Wang said he wanted to complete the implementation of Perpetual’s new registry system, built in partnership with Bravura and due to go live before the end of the year, before turning his attention to custody and fund accounting.
The $34 billion Brighter Super is set to shift a significant proportion of equities assets in MySuper from passive to active management. Chief investment officer Mark Rider says the move is possible because of the scale created by mergers, and the fund will be looking to its newly appointed active managers to generate performance through the cycle by taking idiosyncratic risks.
Darcy SongJanuary 21, 2025
