Contango Asset Management has flagged geography as a reason for moving away from RBC Dexia Investor Services as provider of backoffice services to its pooled funds.
Contango, which is approaching $2 billion under management, will transition to National Custodian Services for custody, fund accounting and unit registry services. A Contango spokesperson said that “;at the margin”;, the Australian equity manager’s Melbourne-based investment team would benefit from having its backoffice service provider in the same city. Most of RBC Dexia’s operations are in Sydney although its unit registry centre is in Melbourne. The spokesperson said Contango had been well-served by RBC Dexia IS and would continue to work with it as custodian for some of the manager’s discrete mandates.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
