New South Wales Consolidated Acts

SUPERANNUATION ADMINISTRATION ACT 1996 - SECT 59

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 the investment manager or managers operate within the investment powers of STC and comply with the investment strategy determined by STC.

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

(5) For the purposes of this section:
"superannuation investment management services" include (but are not limited to) the following:

(a) acting as investment manager for any superannuation fund or funds concerned or part of any such fund,

(b) advising on investments and investment strategies and other related strategies for any superannuation fund or funds concerned or part of any such fund.

Note: The Minister’s consent is required to any such contract or arrangement (see section 54).