The Catholic Super and Retirement Fund (CSRF) have opted to retain BNP Paribas Security Services as its custodian following an extensive review process begun earlier this year.
The review process, managed by Mercer and begun in February, saw three custodians short-listed for consideration before the fund’s board opted to renew its arrangement with BNP Paribas.
CSRF chief executive Greg Cantor said the fund had a successful relationship with BNP Paribas and its predecessors for 10 years and was happy to continue with the relationship.
BNP Paribas attributed its reappointment to its technological edge and client-based approach.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
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Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.