Qantas Superannuation, Sydney, hired Russell Implementation Services to provide FX services for its active global equity and alternative investments.
Andrew Spence, chief investment officer at the A$6 billion (US$6.449 billion) corporate fund, said in a statement that the fund searched for a foreign-exchange services provider after quantifying the costs associated with trade execution. Qantas, the first Australian fund to outsource FX services, expects the decision to save it more than A$1 million each year.
Simon Mumme is editor of I&T News, Sydney.
