In a major fillip for competition among Australian-based master custodians, State Street Investor Services has won its first major client since returning to the business last year.

State Street will replace BNP Paribas Securities Services as master custodian for Non-Government Schools Super (NGS Super) within the next 90 days. It is understood State Street and National Custodian Services (NCS) had been closely contesting the JANA-assisted tender. NCS’s chances were heightened while ever NGS Super and Victoria’s Catholic Super & Retirement Fund (an NCS client) continued discussions about sharing a single investment platform, but NGS Super chief executive Colin McGuinness said that plan had fallen off the agenda due to both funds having a “;full book”; due to Simpler Super and other commitments. Industry observers said State Street’s win would help re-establish it as a viable master custody alternative, and increase the ferocity of competition within the market. For the full story of State Street’s win and the reasons for it, see the September issue of Investment & Technology Magazine (out September 1).