BNP Paribas Securities Services has been appointed as master custodian to the $400 million, 11,500 member Master Superannuation Fund (MSF), which includes Elders.
The secretary of MSF, Mark Sladden has confirmed the appointment saying that BNP Paribas has had a working relationship with Elders since the early 1880s.
He said MSF had not previously outsourced its investment administration to a master custodian and had instead used multiple providers to undertake the administration services and tax reporting.
Sladden said the decision to appoint BNP Paribas had been based on a market review of master custody providers.
Commenting on the appointment, BNP Paribas Security Services Head of Business Development, Chris Briant said the mandate, when coupled with recent successes with funds management entities, aligned with the company’s strategy of servicing both the funds management outsourcing and master custody markets.
