BNP Paribas Securities Services has won its second major client from NAB Asset Servicing in three months after it was appointed to act as custodian and administrator for $2.2 billion First Super.
The $3.9 billion TWU Super appointed BNP in December and both funds have cited concerns over meeting increasing regulatory demands around investment performance reporting and risk analytics in their choice of BNP.
Bill Watson, chief executive of First Super, said: “BNP’s suite of reporting, risk management and analytics will enable the trust to meet increasing regulatory demands, while providing its board and investment committee with enhanced reporting and risk management monitoring.
“The BNP Paribas team understood our need to deal with an ever-changing regulatory landscape.”
A press release from BNP cited its offer to First Super as one that would “optimise operational processes” and minimise risks through “world-class analytics” with an emphasis on online solutions on a single platform.
First Super is the industry super fund for the timber, pulp, paper, furniture and joinery industries with over 69,000 members.