QSuper, the $27 billion superannuation fund for current and former Queensland government workers and their spouses, will invite “major custodians” to tender for its custody contract currently held by the National Australia Bank Ltd.’s asset servicing unit.
“This is a scheduled review,” says Michael Cottier, chief financial officer of QSuper. “We’re not doing it because we’re dissatisfied with NAS,” National Asset Servicing.
National Australia Bank got the contract about two years ago. Part of the contract is that QSuper reviews its custody arrangement.
“We’ll invite all the major custodians,” says Cottier. “We’re in advanced discussions with Thomas Murray who may advise us on the review.”
Cottier declined to disclose the value of the contract. Thomas Murray is a custody and capital markets ratings company. It declined to comment.