Prime Super has awarded a five-year custody contract to National Australia Bank's Asset Servicing business — renewing the contract the custodian has held since 2007.
Prime Super chief executive Lachlan Baird said the $1.6 billion industry fund had used a competitive tender process.
"We continue to acknowledge the full scale of their resources as part of the broader NAB Group and hope to continue to leverage these in the future," he said.
Executive general manager of NAB Asset Servicing Christine Bartlett said: "As Australia's largest custody provider, we have the backing of NAB — one of the biggest and safest banks. We can leverage from the wider range of NAB products and importantly, we can leverage from the largest rural network of any Australian bank.
She claimed that these factors, combined with NAB Asset Servicing's risk management framework, experience across a broad mix of asset classes and deep industry experience, set NAB Asset Servicing apart from its competitors.
NAB's Asset Servicing business has also retained its spot as the largest custodian by asset size and has renewed contracts with UBS Global Asset Management. It has expanded its relationship with Suncorp and forged a new partnership with BNY Mellon to deliver additional products and services.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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