Industry fund renews custodian

A $46 billion industry fund has reappointed its custodian for another three years, extending the 20-year partnership.

J.P. Morgan will continue to provide custody and fund services to HESTA.

HESTA chief executive Debby Blakey said: "We have an ambitious five-year investment strategy and we also looked closely at how our custodian can support us to continue to deliver outstanding investment implementation and performance for members."

Blakey added the fund is focused on building its internal investment capability and capacity, and partnering with J.P. Morgan underpins this strategy.

In 2017, HESTA announced a five-year investment strategy, which saw the appointment of chief investment officer Sonya Sawtell-Rickson and Rob Fowler in the newly created role of investment execution executive.

J.P. Morgan head of custody and fund services for Australia and New Zealand Nadia Schiavon said the custodian will continue to work closely with HESTA to support its broad-ranging investment strategy and deliver innovative solutions focused on enhancing member returns.

"HESTA is one of the industry's most respected and best performing superannuation funds that continues to demonstrate strong growth," Schiavon said.

J.P. Morgan is Australia's largest custodian with $797 billion of assets under custody.

In August, Blakey won the 2018 Fund Executive of the Year at the Fund Executive Association Limited (FEAL) awards in recognition for her role in the super fund's change program.

Read more: HESTAJ.P. MorganDebby BlakeyNadia SchiavonRob FowlerSonya Sawtell-Rickson
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