An $11 billion Australian funds manager is seeking expressions of interest from would-be suppliers of custody and investment administration services.
IAG Asset Management, which performed the majority of its own safekeeping until appointing JPMorgan Worldwide Securities Services following a 2007 tender, has called for the EOIs as part of a “benchmarking exercise”, according to head of strategy and management, Eleanor Debelle.
It’s understood that the manager does not have a problem with JPMorgan WSS as incumbent custodian, but that best practice as dictated by the Australian Prudential Regulation Authority is for all major third-party service provider relationships to be reviewed every three years. IAG AM’s initial contract with JPMorgan WSS is understood to expire next March.
Debelle said the manager would benefit from a more detailed knowledge of current custody and investment administration offerings in the market, particularly how various groups were bringing their global operating models to bear.
IAG AM has not committed to a formal tender for its next custody contract.