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Funds SA announces outcome of custodian tender

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Funds SA announces outcome of custodian tender

After a comprehensive tender process, Funds SA has chosen Northern Trust as its new custodian, replacing J.P. Morgan.

Funds SA manages more than $34bn on behalf of the South Australian public sector that includes superannuation schemes, insurers and endowment funds.  With the organisation experiencing significant growth in recent years, in terms of both funds under management and number of clients, the custodian tender formed a key part of the organisation’s strategic plan and its ongoing governance of material outsourced arrangements. 

Commenting on the announcement, Funds SA Chief Executive Officer, Jo Townsend said, “We were very pleased with the level of interest and quality of submissions from the tender respondents. We look forward to partnering with Northern Trust during the next phase of Funds SA’s evolution. 

“We would also like to acknowledge J.P. Morgan, whom we have had a very strong and productive relationship over many years during which Funds SA has changed and grown significantly.   

Funds SA’s partnership with Northern Trust is planned to commence formally in early 2020 following completion of the transition.

For further information, please contact:

Ms Jo Townsend

Chief Executive Officer

Tel:  08 8204 2351

 

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