Telstra Super has appointed J.P. Morgan Investor Services as its new master custodian after 25 years with National Australia Bank Asset Servicing.
The tender and review process involved a number of organisations with submissions evaluated on the basis of their ability to meet Telstra Super's current and future needs, the super fund said.
Telstra Super's head of investment operations, Miles Mallick, said "J.P. Morgan's capability to meet both our core custody requirements, as well as the increased demands associated with our in-house investment management activities."
Also commenting on the appointment, Telstra's chief financial officer, Paul Curtin said J.P. Morgan's world-wide reputation demonstrated a keen understanding of Telstra's business and the firm could provide extensive services capabilities.
The review and tender were conducted by independent consulting firm Dymond, Foulds & Vaughan.