Martin Crowe, chief executive at Telstra Super, said the decision to remain with NAB had been made after an extensive review of the fund’s custodial needs.

“They know us and our members well,” said Crowe, whose fund has 100,000 members.

Christina Liosis, Telstra Super’s chief financial officer, citied the strength of the NAB balance sheet and “the consistent service levels provided” as key factors in the decision to re-appoint the custodian.

The decision comes at a time of some movement in custody in Australia, with NAB facing ongoing competition from global players such as State Street, JP Morgan, Northern Trust and BNP Paribas, which has launched a sub-custody business in Australia.

Northern Trust won the custody business of $24-billion Commonwealth Superannuation Corp last October, and this year has announced some significant new hires to its Melbourne-based business.

NAB has won a number of custody mandates over the last 12 months in New Zealand from Suncorp New Zealand, New Zealand Guardian Trust and funds management group, MMc.

In Australia, NAB has won the custody mandate from Western Australian regional insurer, RAC Insurance.

NAB is the largest custodian in the Australian market, with $540 billion in assets under custody.