IAG Asset Management, with A$11 billion (US$10.9 billion) in assets under management, is seeking expressions of interest from would-be suppliers of custody and investment administration services.
Eleanor Debelle, IAG's head of strategy and management, said the EOIs are part of a “benchmarking exercise.”
It's understood that the manager does not have a problem with incumbent custodian J.P. Morgan Worldwide Securities Services, 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 J.P. Morgan WSS is understood to expire in March.
Ms. 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.
Michael Bailey is editor of I&T News, Sydney.
