NEW ZEALAND - The Government Superannuation Fund Authority (GSFA) has awarded JPMorgan Investor Services the global custody of approximately NZ$3.4bn ($1.4bn) assets in its Government Superannuation Fund (GSF).
The GSFA assumed management and administration of the GSF and its schemes earlier this month. Finance minister Michael Cullen said the move would improve the fund’s investment income and reduce the annual cost of financing the fund's benefits without incurring undue risk.
GSFA chairman, Basil Logan, said the authority had adopted recommendations from an establishment board to outsource secretariat functions, investment management and custody. Scheme administration, including the handling of member contributions and enquires, would continue to be contracted to Axa New Zealand.
Commenting on the custody win, JPMorgan Investor Services executive for Australia and New Zealand, Graeme Arnott, said: GSF joins a number of other significant institutions and companies that reinforce our strong relationship with government and commerce in New Zealand.”
By Janet Du Chenne
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