Spot on KG, all the big Australian fund managers use "top tier"...

Spot on KG, all the big Australian fund managers use "top tier" custodians, all of which are foreign (JP Morgan, State Street, BNP HSBC, Northern Trust). There is a big jump to Tier 2 where you see Australian custodians (One Investment Group (OIG), Mainstream (taken over by APEX) etc). Kingsgate don't have any look through as to the ultimate beneficial owners of these holdings by custodians. We need to go down the EU path and get some transparency as to who the company's shareholders are. I would expect the majority of the funds held by foreign custodians to be domestic investment.