Qantas outsources FX to Russell

12 July 2011
| By Ashleigh McIntyre |

Qantas Super has moved to outsource its foreign exchange (FX) services with the appointment of Russell Implementation Services.

It is estimated that the move could deliver cost savings to members of the $6 billion Qantas Superannuation Plan of more than $1 million per year.

The arrangement will see Qantas Super outsource its FX trades for active global equities and alternatives to Russell’s global trading desk for execution and settlement.

Russell will manage operational risk and provide Qantas Super with comprehensive performance reporting tools.

Qantas Super chief investment officer Andrew Spence said the agreement demonstrates the trustee’s commitment to enhancing member returns while adhering to strict FX governance.

“We have undertaken extensive due diligence to quantify the costs associated with FX trade execution and to find a solution that delivers enhanced transparency and cost efficiency,” Spence said.

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