The $3.5 billion ACT Department of Treasury is reviewing its active global equity managers and has also awarded a new, five year master custody contract.
The Department, which runs the $2.5 billion Superannuation Provision Account and the $1.5 billion Treasury Banking Account, is understood to be reviewing its global equity managers via its asset consultant, Russell. Its roster includes Bernstein and Wellington, both of whom have suffered poor medium-term performance.
Meanwhile, the Department has renewed its master custody contract with JPMorgan Worldwide Securities Services for another five years. The contract, which continues to include custody, performance analytics, compliance monitoring, registry, unit pricing and portfolio accounting services, was awarded following a review conducted by Lounarda David, the local head of Mercer Sentinel.
It is understood the new contract allows for pricing generally similar to the previous agreement.