59Investment manager to be appointed

59 Investment manager to be appointed

59 Investment manager to be appointed

(1) In exercising its function of investing and managing an STC fund, or part of a fund, STC must enter into a contract or an arrangement under section 53 with an investment manager or managers who undertake to provide superannuation investment management services for a superannuation fund or part of a fund under the STC scheme concerned, on behalf of STC. STC may not itself provide such services.

(2) STC must ensure that any such investment manager (and others the investment manager engages to provide the relevant services) operates within the investment powers of STC and complies with the investment strategy determined by STC and notified to the investment manager.

(3) STC may enter into contracts or arrangements for the provision of superannuation investment management services with more than one provider of services.

(3A) A contract or arrangement under which an investment manager undertakes to provide all superannuation investment management services for a superannuation fund or part of a fund is to make provision for the engagement of a separate person to provide services in relation to the custody of assets and securities.

(4), (5) (Repealed)

Note.

The Minister’s consent is required to any such contract or arrangement that is entered into with a person other than a mandated investment manager unless that requirement is waived (see section 54).

s 59: Am 2004 No 10, Sch 1 [14]; 2015 No 53, Sch 1 [9]–[12].