Custodians are facing off for the right to provide custody and administration to a $22 billion Australian funds manager, and for once they won’t be trying to wrest the business from one of their rivals.
Tyndall Investments was sold to Nikko Asset Management last November, and was put on notice by its parent, Asteron, that the internal custody and administration services it provided would be withdrawn.
A shortlist of custodians has been prepared for the Australian equity and fixed income manager by Sequential Project Services, which has also handled broader aspects of the transition to new ownership. For instance, it was involved in the selection of Lumina Business Process Outsourcing as Tyndall’s new finance department.
It is understood that a resource within Nikko will run the custody tender itself, and that requests for proposal are expected soon.
The managing director of Tyndall, Craig Hobart, was unavailable for comment before presstime.