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Fund managers announce custodian mandates

By Rhea Nath
3 minute read

Three fund managers have announced new custodian and fund administration service partners.

Perennial Partners, Milford Asset Management, and Ausbil Investment Management have made key custody and fund administration service appointments.

HSBC will provide global custody, funds administration, and exchange traded fund administration services for all Perennial funds in 25 different markets, following the completion of an asset transition.

Commenting on the partnership, Suzanne Bentley, head of operations at Perennial, said: “HSBC’s ongoing investment has enabled Perennial to consolidate listed managed funds, unit trusts, and venture capital and private asset administration into a single platform, facilitating an enhanced service experience for Perennial clients and their advisers.”


HSBC is also set to provide custodial services for Milford’s range of Australian and New Zealand funds across 24 markets, after completing an asset transition in August 2023.

According to John Paull, chief operating officer at Milford, the appeal lay in HSBC Australia’s “extensive experience and scale”, having provided custody and clearing services to both foreign and domestic investors in Australia since 1991.

Meanwhile, Citi Securities Services has been tapped to provide custody and funds administration services to Ausbil, which manages around $16.6 billion in assets under management across a range of Australian and global equity strategies for super funds, institutional investors, master trust, and retail clients.

Reflecting on the appointment, Ausbil chief executive, Mark Knight, said: “We are pleased to appoint Citi to provide custody and investment administration services. Citi is unique placed to deliver the operational support to fuel our growth ambitions and enhance the experience for our investors.”

Since 2020, Citi has onboarded around 30 new Australian clients.