ANZ Custodian Services, sub-custodian for Future Fund global custodian Northern Trust, has a new head after previous boss, Karl Mattingly, lasted barely four months in the role.
After 27 years with ANZ, Mattingly left in mid-December for an unknown new role outside the bank. He has been replaced, in an ‘acting’ capacity for now, by Michael Campbell, whose 17 years with ANZ have been spent in retail banking and most recently the mortgage area. Campbell said having no custody experience had “;created a few challenges”; in the four weeks he had been in the role, but that his broad banking experience meant he was quickly getting up to speed. His time so far has been dominated by the securities lending area. “;There’s been a few issues there with Tricom, the equities downturn generally has had some implications for customers,”; he said. Campbell said he was viewing his role as long term, but did not know if there would be a search for a permanent custody head. Campbell reports to ANZ head of financial institution products, Anthony Cahill, who could not be contacted at presstime.
There is one investment area where Insignia’s $180 billion super arm has not lost money for the past 17 years, which is what it calls the insurance-related investments. The alternatives strategy is gaining popularity among asset owners due to its diversification benefit, but Insignia’s super and asset management investment chief Dan Farmer warns it is a space where investors can suffer if they “stumble in without doing the homework”.
Darcy SongJanuary 23, 2025
