Citi has retained its mandate to provide custody and fund services to Australian superannuation fund Hostplus, following a competitive tender process. The new agreement extends the relationship by five years. Citi has acted as custodian to the fund for the past 13 years.
Hostplus has more than 1.9 million members, over 320,000 employers and more than A$150 billion in funds under management.
The mandate was awarded through a formal request-for-proposal process in which Citi participated as incumbent provider.
Hostplus CEO David Elia said: “We are pleased Citi has been reappointed as Hostplus’ custodian following a competitive RFP process.” He added that the process confirmed Citi “remains best placed to deliver custodial services that are critical to supporting our long-term business and investment strategies”.
Growth
According to a press release, Citi has supported Hostplus as the fund has grown in scale and complexity, including increasing investment requirements and regulatory obligations.
Mark England, co-head of services for Citi in Australia and New Zealand, said the outcome of the tender “is a strong endorsement of our platform” and pointed to continued growth and rising requirements in Australia’s superannuation sector.
