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.
11 December 2007 00:00
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Investments
Ryan Riedler, head of ASX core strategy, Australian equities at Cbus, says the fund will look to generate alpha locally through engagement and that internalisation will help it strengthen its connection with other market participants, as well as its brokers and service providers.
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