Ascalon Capital Managers, the Westpac-owned boutique incubator, will conduct a custody tender as it seeks to make greater use of its investee managers’ collective buying power.

The chief executive of Ascalon, Andrew Landman, said the group currently used RBC Dexia Investor Services for three funds where it was responsible entity, however across its six boutiques a number of providers were used.

“When you’re walking into a global custody bank with $20 million or $30 million under management, you’re not going to get the same deal you can when Ascalon walks in with circa $3 billion,” Landman said.