The $2 billion Statewide Superannuation fund has appointed its custodian to run a currency overlay across its offshore assets.
National Asset Servicing (NAS) would begin passively hedging the currency exposures of Statewide’s offshore listed equity and unlisted assets from July, Con Michalakis (pictured), head of investments, confirmed.
Until now, Statewide has hedged these currency exposures – which involve between 30 and 35 per cent of assets in its balanced fund – itself, he said.
In the coming months Statewide would consider implementing other specialised custody services, such as tax parcelling, which prevents super funds from unnecessarily triggering capital gains tax liabilities in their underlying domestic share portfolios, Michalakis added.
Meanwhile, the investments chief is about one month away from finalising a closed asset-consulting tender in which Access Capital Advisors, the fund’s incumbent provider of five years, is being challenged by selected competitors.
And the Statewide is still assessing proposals from insurers aiming to secure its group risk contract, which is currently with MetLife. Bill Watson, the fund’s head of business development and client services, is running the tender with assistance from RiceWarner.