BRISBANE, Australia — The A$2.4 billion (US$1.85 billion) ESI Super hired National Custodian Services as its first custodian.
NCS was chosen over BNP Paribas and JPMorgan. Previously the Brisbane-based electricity supply workers superannuation fund produced crediting rates internally.
"We expect to go live with unit pricing from July 1, 2007," said Errol Hay, ESI Super fund secretary. NCS is also the custodian of ESI Super's main investment manager, Queensland Investment Corp..
"There were a number of reasons why we chose NCS. One of the factors was NCS is custodian for QIC," Mr. Hay said.
ESI Super also has just hired Barclays Global Investors for a A$20 million in its Multi-Strategy Global Alpha Fund. The mandate is part of the fund's strategy to increase alternative asset allocation to 12% from 5%. Mr. Hay said no other portfolios were closed to fund the new allocation. From Investment & Technology.
