Australian Reinsurance Pool Corporation has given National Australia Bank Asset Servicing a $740 million directive to provide custody services.
Australian Reinsurance Pool Corporation (ARPC) will transition its assets under custody to NAB Asset Servicing on 5 February, having previously received custody services from Suncorp through its investment with Tyndall Investment Management.
Brian Keogh, general manager of operations and markets for NAB asset servicing, said it was NAB's local presence and ability to transition assets quickly that were the winning combination.
"All these proved critical given the time constraints. Overlaying this was our flexibility to accommodate ARPC's specific requirements and guidelines to meet ARPC's statutory investment and reporting obligations directed by the Commonwealth Authorities and Companies Act 1997 which is administered by the Department of Finance and Deregulation."
