Bennelong Funds Management, the family office and incubator recently expanded by two senior former ING Australian equities managers, has appointed a master custodian.

As first reported in I&T News, Bennelong recruited Mark East and Paul Cuddy from ING and has seeded a fund with master custodian BNP Paribas Securities Services after a review of the market and due diligence on three providers. Paul Cuddy said Bennelong’s initial seeding was “;well north”; of the “;generic amount you read in relation to boutique incubators”;, which Cuddy placed at $10-20 million. Jarrod Brown, Bennelong chief executive, said BNP stood out as “;the team that most wanted to partner with us and illustrated a belief in our strategy”;. Steve Tremelling, BNP head of sales, said Bennelong had significant growth potential. Bennelong aims to support and grow a suite of investment teams offering non-correlated and innovative investment strategies.