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Allen & Overy guides NSW Government on selection of common custodian

 

12 December 2016

​Sydney – Allen & Overy has advised the NSW Treasury, NSW Treasury Corporation (TCorp), SAS Trustee Corporation (State Super) and Insurance and Care NSW (icare), on the selection process for a common custodian, drawing on its international expertise to deliver a favourable outcome for the NSW Government.

The NSW Treasurer today announced that following a competitive tender process JP Morgan had been selected to provide a single custodial service for the three key pools of assets operated by the State Government: TCorp, State Super and icare. 

The three asset pools, totalling a combined $70 billion, previously had separate custodians. TCorp assumed responsibility for managing the State Super and icare funds in 2015. 

In the custodial tender, Allen & Overy was responsible for managing the highly complex legal aspects of the Request for Proposal (RFP), from developing the proposed contract, ensuring consistency of standards and compliance across the multiple international jurisdictions in which assets are held, managing the requirements of the various funds and running multiple contract negotiations simultaneously.  

Allen & Overy Sydney Managing partner and head of the financial services practice group Jason Denisenko said: “This was a challenging and very rewarding brief for our team and we’re delighted to have assisted the State secure a favourable outcome. 

“TCorp is managing a large number of complex portfolios with assets held all over the world.

Our Australian and international experience in advising sovereign funds proved decisive in engineering a contractual arrangement for the NSW Government that is truly at world’s best practice.” 

“As well as delivering the State Government significant savings, the agreement holds the common custodian to all the highest performance standards that would apply in a private sector environment, but also the robust governance and reporting requirements expected by sovereign funds.”  

Another consideration for Allen & Overy was “future-proofing” the long-term contract so that it could flexibly accommodate new technology and changing market practices over time. 

“Market practice and standards do change over time and it’s better that the custodial contract can be structured to facilitate easy updates rather than to have to be renegotiated each time.  

“Again, Allen & Overy’s international experience allowed us to anticipate the areas where flexibility might be required and build this into the agreement,” Mr Denisenko said. 

The Allen & Overy team was led by Jason Denisenko from Sydney with support from a core team of lawyers including Lucy Adamson and Renji Cai.    

For further information, Please contact Karen Dunnicliff, kdunnicliff@sefiani.com.au, on 0435807761

Notes for Editors:

  1. Allen & Overy is an international legal practice with approximately 5200 people, including some 530 partners, working in 44 offices worldwide.
  2. In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.
  3. The term 'partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.

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