Tasplan Super, the $8.8 billion Tasmanian-based multi-employer fund, has appointed an advisor to review its securities servicing arrangements, for the first time in about 10 years.
Mercer Sentinel has been appointed to provide the advice and run a custody tender, with NAB Asset Servicing (NAS) as the incumbent. Prior to its merger with the Retirement Benefits Fund of Tasmania last year, NAS had handled Tasplan’s securities servicing while JP Morgan had handled that of the RBF.
According to Ian Lundy, Tasplan’s CIO, the fund transfer from the RBF to Tasplan did not involve a full custody review. The recent decision to go to tender represented probably the first such analysis in about 10 years, he said.
If you subscribe to the APRA view on the importance of consolidation, Tasmania has put its act together. Tasplan merged with Quadrant Super in 2015, and subsequently brought its administration inhouse in Hobart, and then merged with RBF from April last year.
The result is a fund with both local connectivity and sufficient scale to match national and international investment targets.