Local government and energy industries schemes re-appoint Commonwealth for master custody
21 March 2001
The Commonwealth Bank's custody and investment administration subsidiary, Commonwealth Custodial Services (CCS), has been re-appointed as the master custodian for the Local Government Superannuation Scheme (LGSS) and Energy Industries Superannuation Scheme (EISS). The schemes total over $4.8 billion in assets and cater for the superannuation needs of local government and energy industries employees in New South Wales.
The re-appointment came after a full review and tender process overseen by the scheme's joint secretariat Superannuation Services Company (SSC). Brett Westbrook, Chief Executive Officer of SSC said "Commonwealth Custodial Services' understanding of the Schemes and their commitment to ongoing service improvement were significant factors in the decision." He added that the Schemes regularly review all major service providers and sees the master custodian as "playing a pivotal role in the Schemes' success.
According to Rob Brown, Senior Manager, Business Development at Commonwealth, "We are delighted to have been re-appointed to these two leading funds. We currently provide a very comprehensive range of services and look forward to extending the relationship in support of the Schemes' future growth and competitive challenges."
The EISS and LGSS schemes were established in 1997 to specifically cater for the superannuation needs of energy industries and local government employees. Prior to this time, these employees were members of five NSW public sector superannuation funds. LGSS has over 60,000 members and $3.4 billion in assets. EISS has some 10,000 members and over $1.4 billion in assets.
Commonwealth Custodial Services is in the top tier of custody and back-office outsourcing providers in Australia with over $70 billion in funds under administration. CCSL client base includes some of Australia's major superannuation and premier investment management organisations.