NAB asset servicing replaced by BNP Paribas as Australian custodian
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NAB asset servicing replaced by BNP Paribas as Australian custodian 19 April 2012Canberra Reporter: Georgina Lavers
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BNP Paribas Securities Services Australia & New Zealand will act as the new custodian of AU$1.25 billion of assets held by the AvSuper superannuation fund, replacing current custodian NAB Asset Servicing.
Michelle Griffiths, CEO of AvSuper, said: “They demonstrated a superior service to us at the aggregated level, with a particular emphasis on enhanced technology and client service.”
“For us, that included a list including online capabilities lodgement of instructions and requests between my office and fund managers, and customised reporting for improved analysis.”??
“I have a small in-house team – it is crucial for us to deal with a client service team who can guide us through the myriad of regulations and processes.” The global nature of BNP was also said to be a factor in the decision.
AvSuper is an industry superannuation fund providing services to employees and former employees of Airservices Australia and the Civil Aviation Safety Authority (CASA).
This is the second custody mandate lost by NAB recently, with the company being replaced by State Street to provide custodial services for QSuper in early March.
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