Custodian
The Public Trustee of Queensland is a corporation sole, constituted by the Public Trustee Act 1978. The Attorney-General and Minister for Justice are responsible for the administration of the Public Trustee Act 1978 and Regulations.
Established in 1915 by the Queensland Parliament, it is the largest public trustee office in Australia with 15 branches throughout Queensland and over $1 billion of assets under direct management and a further $1.3 billion being held as custodian.
The Custodian's Role
The Public Trustee of Queensland has provided custodial services to City Pacific since 1999 and is the custodian for the City Pacific First Mortgage Fund and the City Pacific Income Fund.
The responsibilities of the custodian include:
- to receive all monies subscribed
- to act as custodian of all cash and investments of the Income Fund, including holding title documents relating to the underlying securities
- to act on the instructions of City Pacific and its authorised personnel
- to assist in the distribution of the income to investors
- to use all due diligence and vigilance in carrying out its duties
The Public Trustee's custodial systems are audited by the Queensland Audit Office.
