National Australia Bank's asset servicing division has ousted BNP Paribas as the custodian to Health Industry Plan (HIP)’s $630 million in assets.
HIP is an industry super fund for health and related industries, with 24,000 members.
HIP chief executive Ross Bernays said HIP was impressed by NAB’s understanding of the Australian superannuation system, and its unit pricing and crediting rate system.
“NAB Asset Servicing was selected through their clear understanding and commitment to the Australian superannuation and financial system supported by appropriate technology capabilities and significant international strategic partnerships, which clearly supported HIP’s investment strategy”.
“In undertaking the review, HIP’s Trustee Board was impressed by NAB’s compelling customer service and client relationship model,” he added.
With regard to former custodian BNP Paribas, Bernays stated: “These decisions are not taken lightly and that the trustee board very much appreciated the association with current custodian BNP Paribas and their support over the last five years”.
Leigh Watson, executive general manager, Asset Servicing, NAB said: “NAB is delighted to win HIP as a client in open tender and this new partnership is one of like-minded customer orientated organizations working together to produce quality outcomes for HIP members”.
“The success in winning the business is testimony to the strength of NAB’s relationship with the client and over 60 years experience in providing custody services that include renowned unit pricing and tax and accounting capabilities among others.”
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