Aviation industry fund AvSuper has appointed BNP Paribas Securities Services as its master custodian, replacing NAB Asset Servicing.
AvSuper chief executive Michelle Griffiths said BNP Paribas stood out in the tender process, having a "clear understanding of our business and our needs" as a boutique fund.
"It wasn't necessarily a function of what we weren't getting from NAB - it was more about enhancing an existing range of services," said Griffiths.
"We were looking for a custodian with the global technology capabilities to be able to comfortably manage our unique requirements while providing a high level of personal support and service to a small in-house investment team," she added.
BNP Paribas Securities Services managing director Pierre Jond said superannuation funds were facing changing market conditions and were demanding "increased operational effieciency".
"We feel given our ongoing investment in technology, that we are ideally positioned to partner with and support AvSuper and meet their sophisticated requirements," Jond said.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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