Telstra Super has announced it will switch custodians to JP Morgan Investor Services after 25 years with NAB Asset Servicing.
JP Morgan is expected to commence with the super fund in the first half of 2016.
A statement by Telstra Super said the appointment followed an “extended tender and review process”.
Telstra Super head of investment operations Miles Mallick said JP Morgan’s ability to cater to the fund’s in-house investment management activities helped clinch the deal.
“The partnership between Telstra Super and our custodian is crucial in delivering strong outcomes on behalf of our members,” he said.
Telstra Super chief financial officer Paul Curtin said: “JP Morgan has a worldwide reputation and not only demonstrated a keen understanding of our business but were able to provide the extensive service capabilities we required.”
The review and tender process were conducted by independent consulting firm Dymond, Foulds & Vaughan.
