National Australia Bank’s (NAB) asset servicing business will continue to provide custodial services to Prime Super.
Prime Super has been a client of NAB Asset Servicing since 2007 and has $1.6 billion in assets under custody. The new five-year contract comes after a competitive tender process.
Lachlan Baird, CEO of Prime Super, said: “Prime Super values long-term relationships and we are pleased that after a competitive tender process, NAB can continue to act as the fund’s custodian. We continue to acknowledge the full scale of their resources as part of the broader NAB Group and hope to continue to leverage these in the future.”
Christine Bartlett, executive general manager of NAB Asset Servicing said: “As Australia’s largest custody provider, we have the backing of NAB, one of the biggest and safest banks. We can leverage from the wider range of NAB products and importantly, we can leverage from the largest rural network of any Australian bank.”
“This, combined with our proven risk management framework, experience across a broad mix of asset classes, and deep industry experience sets us apart from our competitors. We are delighted to partner with Prime Super and look forward to working together to create quality outcomes for their members.”
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