UniSuper has appointed BNP Paribas Securities Serviced and its master custodian.
The appointment follows an extensive tender and review process in which a number of organisations were identified as having the capacity to cater for UniSuper’s current and future needs and were invited to tender for the business.
“We determined that BNP Paribas was best placed to meet UniSuper’s evolving custody needs and were highly impressed with the overall depth and quality of its service offering for both core custody and back/middle office functions,” said UniSuper’s head of portfolio analysis and implementation Dharmendra Dayabhai.
“Our custodial arrangements are a critical function and having the right long-term partnership in place is key to our success.”
The review and tender was conducted by UniSuper’s internal team, led by Dayabhai, in conjunction with Drew Vaughan from Dymond, Foulds & Vaughan, an independent consulting firm specialising in custody review services.
UniSuper’s CEO Kevin O’Sullivan added: “BNP Paribas’s world class information delivery systems will provide crucial support to UniSuper in meeting the increasing demand for detailed portfolio information to both satisfy regulatory requirements and support our expanding in-house investment management activities.”
BNP Paribas will replace NAB Asset Servicing, which provided support to UniSuper for the past 23 years.
Ian Perkins, acting head of BNP Paribas Securities Services for Australia and New Zealand, commented: “UniSuper appreciated our understanding of [its] current as well as future requirements and how we will meet them with our full service offering, global scale and local efficiency, supported by world-leading technology.”
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