Custodians are increasingly taking on the role of risk managers, with their time largely dedicated to helping superannuation clients meet their regulatory reporting requirements.
Such was the view of recently-appointed acting Head of BNP Paribas Securities Services Australasia, Ian Perkins, who told a media luncheon the landscape was changing at a rapid pace, particularly as funds increasingly opt to manage their assets in house.
He said the combination of regulation and fund management changes, such as funds opting to look after assets in house, placed custodians at an interesting juncture.
Their role was increasingly becoming about risk management, he said.
"No doubt the most important issue is really around meeting your regulatory requirements and in respect to measuring and understanding the risks associated with that in the marketplace.
"One of the things that the Stronger Super environment has done is definitely, explicitly put a much greater focus on the risk side of things… A lot of our role is about developing the tools to be able to support that." he said.
Perkins moved into the role of acting head of BNP Paribas' custodian business after the sudden departure of Peter Baker.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Add new comment