Fund management changes see custodian role in flux
Recent regulatory change has seen the role of custodians evolve into the risk management space, particularly as clients struggle to keep up with their increased reporting obligations.
Such was the view of recently-appointed acting Head of BNP Paribas Securities Services Australasia, Ian Perkins, who told a media luncheon the landscape was changing at a rapid pace, particularly as funds increasingly opt to manage their assets in-house.
He said the combination of regulation and fund management changes, such as funds opting to look after assets in-house, placed custodians at an interesting juncture.
Their role was increasingly becoming about risk management, he said.
"No doubt the most important issue is really around meeting your regulatory requirements and in respect to measuring and understanding the risks associated with that in the marketplace.
"One of the things that the Stronger Super environment has done is definitely, explicitly put a much greater focus on the risk side of things… A lot of our role is about developing the tools to be able to support that." he said.
Perkins moved into the role of acting head of BNP Paribas' custodian business after the sudden departure of Peter Baker.
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