Custodians should present information in a simplified way so that trustee fund boards can make decisions promptly, says Graeme Arnott, chief operating officer at First State Super.

“Custodians must de-emphasise price and emphasise services,” says Arnott, a former custodian himself.

Arnott says he wants “healthy competition” and isn’t fixated on price when deciding on custody contracts.

But “I need to justify spending extra of members’ money,” he says.

Arnott spoke on the sidelines of a conference organised by Conexus Financial, publisher of I&T News.