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HIP chooses NAB Asset Servicing for custody
National Australia Bank (NAB) Asset Servicing has won another client, with Health Industry Plan (HIP) choosing the firm for custodial and investment administration services.
Jana Investment Consultants led the open tender process, which saw NAB win the mandate based on a number of competitive strengths, according to HIP chief executive Ross Bernays.
"NAB was selected through their clear understanding and commitment to the Australian superannuation and financial system, supported by appropriate technology capabilities and significant international strategic partnerships which clearly supported HIP's investment strategy," he said.
Asset Servicing's automated unit pricing and crediting rate system - which could be customised to meet different clients' needs - was an important factor in the appointment, as was the company's commitment to customer service, Bernays said.
The industry fund has approximately $630 million in assets and over 24,000 members.
It is one of a number of wins for Asset Servicing, who picked up nine clients in the nine months to May, including JCP Investment Partners, RAC Insurance and MTAA Super Funds.
In May, the Australian Custodial Services Association said that as of February this year NAB Asset Servicing was the largest player in the Australian custody landscape.
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