Custodians are increasingly taking on the role of risk managers, with their time largely dedicated to helping superannuation clients meet their regulatory reporting requirements.
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.
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.