POWERED BY MOMENTUM MEDIA
BNP Paribas replaces NAS as legalsuper custodian
Legalsuper has appointed BNP Paribas Securities Services as its custodian, replacing the National Australia Bank’s (NAB's) custody services arm National Asset Servicing, which has provided administration for legalsuper since 2002.
The appointment of BNP Paribas follows legalsuper’s re-appointment in June 2010 of JANA Investment Advisers as the fund’s asset consultant, and follows an extensive tender and review process, according to legalsuper.
Andrew Proebstl, chief executive of legalsuper, said the fund regularly reviews all service provider arrangements to ensure its members get the best value services, and that services meet members’ particular needs.
“Of the custodians we examined, BNP Paribas clearly demonstrated they had the enthusiasm and commitment to deliver a superior offer including competitive pricing, a commitment to client service and enhanced performance reporting,” Proebstl said.
“As our investment portfolio continues to grow and diversify across asset classes we believe the role of our custodian will become even more important into the future. The custodian’s role is embedded in our daily operations in terms of unit pricing and investment performance reporting will continue to be an important deliverable from our custodian.”
Planning is now underway to transition custody arrangements from National Asset Servicing to BNP Paribas and legalsuper anticipated the process would be completed in November.
Drew Vaughan from Dymond, Foulds & Vaughan, an independent consulting firm that specialises in custody review services assisted legalsuper in the tender, the fund said.
AUTHOR
Mike Taylor
Recommended for you
First Nations Australians have faced systemic barriers accessing super, with rigid ID checks, poor service, and delays compounding inequality.
“Slow and steady” appears to be the Reserve Bank’s approach to monetary policy as the board continues to hold on to its wait-and-see method.
AFCA’s latest data has shown a decline in complaints relating to superannuation, but there is further work to be done, it has warned super funds.
Limited exposure to fossil fuel companies has positively impacted the performance of Australian Ethical’s balanced and growth funds, the super fund says.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
96.54 3 y p.a(%)
2
DomaCom DFS Mortgage
85.26 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
