National Australia Bank’s Asset Servicing division has been reappointed as custodian for a $2 billion-plus Tasmanian fund.

The reappointment by the Launceston-based Motor Accidents Insurance Board followed a six month competitive tender process which was independently managed by Drew Vaughan of Dymond Foulds and Vaughan.

NAB Asset Servicing have been providing the service to MAIB for a number of years, with NAB’s managing director of client relationships, Peter Hele, saying this was in their favour in the tender process.

“It did work in our favour, there’s a very strong relationship between Derek [Thurm, MAIB’s CFO] and the team here. So we found that to be a real positive, meeting the grade in all the areas where they wanted us to meet the grade in which is important. When there is a strong relationship, it is a risk to move elsewhere,” Hele said.

“They were very content with our service and wanted to benchmark us with the rest of the competitors to ensure we were meeting market expectation with respect to functionality and price.”

MAIB declined to comment on the tender process or the terms of the new contract.