Media Super, the $3 billion result of last year’s merger between industry funds for journalists/entertainers and printers, has put its master custody contract out to tender.
Requests for proposal were understood to have been issued to all the major providers on Friday, including the incumbent, BNP Paribas Securities Services (BNP Paribas).
The co-ordinator of the tender is understood to be Wayne Hirt, a senior manager of superannuation and tax at KPMG.
BNP Paribas was the legacy master custodian of Print Super, and was retained following the merger with JUST Super, given Print’s greater size. However a full tender of the master custody contract was always planned.
The chief executive of Media Super, Ross Martin, was unavailable at presstime.
Media Super chair, Gerard Noonan, said in a Christmas Eve note to members that Media Super had been hoarding cash for some time, and would do so until investment conditions became clearer.