National Australia Bank says the $1 billion superannuation fund AMIST Super has reappointed it as its custodian, continuing a nine year relationship.
NAB asset servicing will begin a new three year contract on June 1.
“A transparent and open review process was important to ensure AIMST Super continued to have the right custodial solution,” says chief executive of AIMST Super James Thomas in a statement.
NAB says it has also won the custody and investment administration business of Fiducian Portfolio Services which has about $2.1 billion in assets under management.
AIMST Super and Fiducian decisions to choose NAB as their custodian go a little way to easing the asset servicing unit’s disappointment at losing QSuper and SunSuper as custody clients.
In an interview earlier this month Leigh Watson, executive general manager for asset servicing at NAB, says the bank had won nine new clients in as many months. The bank as of December 2011 had a 30 per cent market of Australia’s custody business. That may have slipped following QSuper and SunSuper’s decisions to appoint State Street as their custodian.