Fixed income manager PIMCO has completed a review of custody and unit registry for its $7.5 billion of Australian-domiciled trusts.
After going five years without a review, PIMCO and its responsible entity for retail distribution, Equity Trustees, contracted operations expert and former BT Financial Group veteran David Lugton to seek tenders from the major providers.
It transpired that State Street Investor Services, PIMCO’s custodian and unit registrar for the past eight years, won the tender and has been re-signed to a new three year contract.
The head of PIMCO’s Australian business, John Wilson, said State Street had a deep understanding of the bond manager’s business here, and llikewise PIMCO well understood how best to utilise its custodian’s operational capacity. He said no major new areas of service provision arose from the new contract.
The win for State Street coincided with it putting on a new relationship manager for PIMCO, Suzanne Pence, replacing Daniel Cheever who’s moved elsewhere in the organisation.