The $1 billion IAG & NRMA Superannuation Plan is using Hewitt Associates for a combined member admin/master custody tender, while IAG Asset Management is also considering outsourcing its backoffice functions.

The super fund for IAG/NRMA staff is self-administering and solely invested in IAG Asset Management, although its Australian equity allocation will now be managed by the team which moved from IAG to National Australia Bank/staff ownership in November (adopting the name Northward Capital in the process). The tender, which is understood to have received some responses from one-off partnerships between member administrators and custodians, is being run from Melbourne by Hewitt Associates consulting actuary, Nerida Seccombe. In what is understood to be a related move, IAG Asset Management is also considering outsourcing some middle and backoffice functions, launching a tender run by IAG’s strategic sourcing manager Daniel Berenger. IAG AM retains over $10 billion in fixed interest and cash, following the departure of Northward Capital’s $1.3 billion under management. Northward’s Australian equity portfolio is currently transitioning its middle office functions to National Custodian Services.