Master custody for the two ACT Treasury funds, with combined funds under management of $3.2 billion, has come up for review.
The Treasury’s five-year contract with custodian JPMorgan Worldwide Securities Services has expired, and the fund is currently in the process of reviewing half-a-dozen potential custodians under the advice of Mercer Sentinel. Lucas Nicholls, assistant manager of the Superannuation Unit, Investments & Economics Division, said the review should be completed within two months. The Treasury manages two underlying funds, the $2.1 billion Super Provision Account – a standard fund with cash, domestic and international bonds and equities, indirect unlisted property, and the more conservative $1.1 billion General Government Portfolio, which is split between cash and indexed fixed interest. The fund is also in the final throes of a strategic asset allocation review with its asset consultant, Russell Investment Group.
In 2024 AMP became the first Australian super fund to commit to cryptocurrency after the asset class won “institutional legitimacy” from the US Securities and Exchange Commission. AMP head of portfolio management Stuart Eliot explained to the Fiduciary Investors Symposium how AMP broke new ground, and the process behind its inclusion.
Lachlan MaddockJune 20, 2025
