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.
A managed investment scheme holding 20 per cent or more in unlisted assets is deemed an illiquid scheme and is restricted from providing frequent liquidity, but there is no formal limit on how much super funds can allocate to these asset classes. The Conexus Institute writes this is a special privilege given to APRA-regulated super funds that should not be taken for granted.
David Bell and Geoff WarrenFebruary 6, 2025