Prime Super has appointed a new custodian as the fund’s current provider of custodial services winds down its operations.
The fund has selected Citi Securities Services to be its next custodian. This followed as its previous provider of custodial services NAB Asset Servicing (NAS) announced plans in 2022 to wind down its operations.
Prime Super and NAS held a custodial partnership for 16 years, with the fund searching for a new partner over the past seven months.
Its new custodian Citi Securities Services has over US$27.1 trillion ($40.4 trillion) assets in custody, administration, and trust across the globe. The firm’s global custody network also reaches across more than 100 markets, including 63 proprietary Citi branch locations.
In late October, it was announced that Prime Super’s chief executive Lachlan Baird would depart the $6.7 billion fund after 18 years on 1 December 2023.
Baird has been CEO at the fund since 2005 and led the profit-to-member fund through three mergers.
Remo Memmolo, chief operating officer, has taken on the role of interim CEO following Baird’s departure and while an independent recruitment process is undertaken.
Regarding the custodial appointment, Memmolo said: “Prime Super’s focus on members has been the driving factor in the appointment of our new custodian and the fund looks forward to establishing a strong relationship with Citi over the coming years.
“We recognise Citi’s capabilities and reputation as a global custodian and believe the partnership will continue to enable Prime Super to serve our members with the highest quality services.”
Mark England, Citi Australia and New Zealand head of securities services, expressed the firm’s eagerness to be partnering with the fund.
“Once onboard, Prime Super will be able to leverage Citi’s experience, capabilities, and global network to support the delivery of increased member value and improved investment outcomes,” he s
