The $2.2 billion Media Super has finalised its master custody arrangements after a competitive tender which saw BNP Paribas Securities Services and NAB Asset Servicing make the final shortlist.
Michael Rooney, head of operations at the fund, confirmed BNP Paribas Securities Services, the legacy master custodian of Print Super, had been awarded the contract following a review by KPMG which was completed this week.
He was not able to comment further ahead of an announcement due to be made on Thursday.
The fund put its master custody contract out to tender in February, issuing requests for proposal to all the major providers including the incumbent.
Wayne Hirt, partner at KPMG Superannuation Services, co-ordinated the tender which is understood to have been extremely competitive on price.
I&T News understands Media Super has also made a decision regarding its insurance arrangements, which will also be announced on Thursday.
The contracts are currently held with three insurers – Hannover Life, IUS and ING, with Rice Warner overseeing the tender process.
Both Hannover Life, the legacy insurer for death and TPD at Print Super, and IUS, which provided income protection for Print Super, were retained by Media Super following the merger between the industry funds for journalists/entertainers and printers.
ING held all the insurance policies at JUST
Super, and these were taken over by Media Super after the merger to ensure the
same level of cover was retained for members.