RBC Dexia Investor Services has won the custody contract for AXA’s new super and pensions platform, North.
RBC Dexia already provides custody services for AXA’s Summit and Generations platforms. The North platform, which also has a large number of multi-manager investment options, has the added complexity of including a form of guarantee. AXA said at the time of the North launch that the product was backed by the latest in efficient and flexibile administration, serviced online. The guarantee, against negative market performance, is possible because investors choose to lock up their funds for periods of 10, 15 or 20 years. Scott MacDonald, managing director of RBC Dexia in Australia, said his firm was looking forward to the evolution of its working relationship with AXA.
18 December 2007 00:00
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Investments
Ian Patrick, chief investment officer of the $370 billion Australian Retirement Trust, says that integrated balance sheet management will “beyond a shadow of a doubt” become a more prominent feature in the superannuation industry as funds grapple with the compounding effects of their growing size, systemic importance and the liquidity needs of servicing a larger cohort of retirees.
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