The review of custody for Cbus is understood to be close to a final decision, after several months of work with the help of specialist consultant Drew Vaughan of Dymond, Foulds & Vaughan.

Cbus, the A$20 billion fund for the construction industry, has been a long-time client of NAB Asset Servicing. One of the famously unusual parts of its investment administration involves the valuation and accounting for a major art collection.

The fund is also overweight property compared with other funds, which it uses as a marketing line to attract new members, who mostly work in the property industry. Cbus has its own property company and gets involved in major commercial developments.

It is understood that the fund is down to a shortlist of NAB and rival JP Morgan.

Meanwhile, a new tender has emerged for IAG Asset Management, the A$12 billion insurance fund manager. Mercer Sentinel is assisting, through consultant Matthew Heeney. Incumbent custodian is JP Morgan.