JPMorgan Worldwide Securities Services is in final contract negotiations with IAG Asset Management to become the $10 billion bond and cash manager’s outsourced backoffice.

The tender, run by IAG’s strategic sourcing manager Daniel Berenger, was understood to have also included at least some middle office functions. IAG was unavailable for comment. The $1 billion IAG & NRMA Superannuation Plan’s concurrent tender for member administration and master custody services is understood to be ongoing. That 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. The corporate fund is 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).

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