ANZ Custodian Services is reviewing its master custody book, and has already given notice to some clients which no longer fit its business strategy.

Most of the clients understood to have been given 60 days notice to find alternative arrangements are understood to be from the Trust Company of Australia book, which ANZ CS purchased in 2005. One client known to have sought fee quotes from competing master custodians is the $200 million Papua New Guinea Super Fund No.1, whose consultant is Access Capital Advisers. Head of ANZ CS sales and relationship management, Angelo Calvitto, confirmed the business was “;reviewing our portfolio of clients against our operating model”;. He said discussion of withdrawal of services had been had with “;less than a handful”; of clients, and that ANZ CS would remain in the master custody business, which was a profitable activity overall.