BNP Paribas Securities Services (BNP PSS) has appointed its first head of master custody relationship management, hiring Cristina Arnaiz away from Barclays Global Investors (BGI).

The move comes as BNP PSS, like all local custodians with a superannuation business, is preparing to tender for the custody role at the Future Fund. Requests for tenders are expected to be issued by the Future Fund in mid-December, after the announcement last week that UK-based consultancy Thomas Murray would assist the custodian search process. BNP PSS’ largest master custody client in the region is the New Zealand Superannuation Fund, whose former boss, Paul Costello, has just become general manager of the Future Fund. Arnaiz, previously the head of operations at BGI, will report to BNP PSS head of sales and relationship management, Chris Briant.