We are set to launch our ICIO (independent chief investment officer) service to the Australian market with global custodian Northern Trust (Nasdaq: NTRS) appointed to provide asset servicing for ICIO clients.
Frontier brought the State Super investment team inhouse as part of developing the capability to offer an end-to-end advice and portfolio management service for institutional investors. That team successfully transitioned in December and has continued to manage the State Super portfolio as ‘client number one’ of the ICIO service.
We have been collaborating with Ironbark Investment Solutions’ Corporate Trustee business for more than a year to design the structure required to bring the ICIO solution to life for clients beyond State Super. The final piece in the puzzle has been securing the services of a custodian.
Under the appointment, Northern Trust will provide global custody and fund administration functions to support the ICIO operating model. The ICIO service will deliver investment advice and portfolio management capability through a scalable wholesale managed discretionary account structure designed to support multiple underlying clients. Ironbark will be the MDA provider responsible for independent oversight of the wholesale managed discretionary account, its appointed service providers and to ensure client portfolios are managed in line with their agreed investment program.
We have developed our ICIO service to meet growing demand from asset owners seeking institutional-grade portfolio management and operational support without having to give up the integrity of an advice model that is free from product conflicts. Frontier is renowned for our longstanding decision not to offer our own investment products to avoid the inevitable conflicts that occur when providing both advice and product solutions.
Our CEO, Andrew Polson, is excited to have this key service provider bedded down and to be ready to start taking on new clients of what he believes will be a market-disrupting service.
“We’ve had great feedback since we announced our ICIO plans in late 2025 and that has come both from our existing clients and a range of groups we haven’t had the chance to work with previously because we could not fully meet their requirements, despite their interest in Frontier,” said Andrew.
“A major part of what these investors are looking for is getting access to custodian services. Having an organisation like Northern Trust providing a consistent, scalable servicing and data framework is powerful and their reputation and record adds to the capability and confidence the Frontier brand provides as part of ICIO.”
Northern Trust was chosen for their role following an extensive and competitive selection process run over several months managed jointly by Frontier and Ironbark.
“Australia is a key growth market for Northern Trust, and we continue to build upon our support for institutional investors as they modernise their operating models,” said Leon Stavrou, Head of Australia and New Zealand, Northern Trust.
“Our commitment to client service, technology, governance and advanced data delivery are central to Frontier Advisors’ ICIO proposition and a key reason we were selected for this mandate. Importantly, our scalable data support model can evolve to meet the requirements of the ICIO platform’s continuing development. We look forward to working closely with Frontier Advisors as they grow their ICIO offering in the Australian market.”
We have been advising institutional investors across Australia for over thirty years and counts some of the country’s largest super funds as clients, including AustralianSuper, CBUS, Hesta, Vision Super and GESB. However, two-thirds of our client base now comes from outside the super sector with the new ICIO offering expected to grow and broaden that base further.
