Medibank sticks with NAB Asset Servicing
Medibank has reappointed NAB Asset Servicing to provide custodial and investment administration services.
Mercer Sentinel managed the tender process, which saw the private health insurer (which provides cover to more than 3.8 million people) choose NAB Asset Servicing again.
Medibank treasurer Graeme Sala said NAB Asset Servicing stood apart from the other bidders due to its local knowledge and access to broader facilities via NAB, including the ability to leverage access to investment opportunities, services and protection.
"Asset Servicing continues to meet our needs in terms of existing accounting, tax and reporting services and at the same time, they are extending the product suite to meet our growing future needs with daily performance and collateral management as key examples," he said.
NAB Asset Servicing has provided administration and custodial services to Medibank since 1995.
Health Industry Plan appointed NAB Asset Servicing last month following a number of new clients for NAB Asset Servicing this year, including JCP Investment Partners, RAC Insurance and MTAA Super Funds.
The custodian and administrator now has $540 billion in assets under custody for Australian investors.
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