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Commonwealth Custodial Services strengthens Executive team

26 February 2001

The Commonwealth Bank's Institutional Banking division has appointed Mr Gary Angel, to head up the Investment Services team within Commonwealth Custodial Services Limited (CCSL).

Mr Angel has been involved with the Custody industry for more than twenty years, most recently heading Westpac's custody business.

Mr. Angel who will commence duties on 2 April 2001, will have responsibility for all management aspects of CCSL's Investment Services team including core custody, client reporting, client management and service delivery for the institutional client base.

Joe Mastrangelo, Head of Commonwealth Custodial Services, said Mr Angel's appointment reflects CCSL's commitment to operational excellence and service delivery across our client base. "Gary has proven industry experience in all aspects of institutional investor servicing and is a key addition to our senior management team." The appointment is also central to our strategy of focussed growth and service consolidation in support of our clients, and will contribute to our alliance relationship with State Street.

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