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.
15 July 2008 00:00
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Investments
Asset owners are right to be concerned about private credit fund suspensions and redemption queues, Blue Owl head of alternative credit Ivan Zinn told the Investment Magazine Fiduciary Investors Symposium, but he thinks that two years from now they’ll be looked back on as nothing more than a “speed bump” on a highway of growth and strong returns.
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