UniSuper has appointed BNP Paribas Securities Services as master custodian.

The appointment comes after an “extensive” tender and review process to find a custodian that could meet UniSuper’s evolving custody needs, which included supporting the expanding inhouse investment management activities, regulatory requirements, global scale and technological advancement.

In a statement UniSuper’s head of portfolio analysis and implementation, Dharmendra Dayabhai, said that they were highly impressed by BNP Paribas’ service offering for both core custody and back/middle office functions.

“BNP Paribas’ world class information delivery systems will provide crucial support to UniSuper in meeting the increasing demand for detailed portfolio information to both satisfy regulatory requirements and support our expanding in-house investment management activities,” added UniSuper’s chief executive officer Kevin O’Sullivan.

The review and tender was conducted by UniSuper’s internal team, led by Dayabhai, in conjunction with Drew Vaughan from Dymond, Foulds & Vaughan, an independent consulting firm specialising in custody review services.

BNP Paribas will replace NAB Asset Servicing who had been with UniSuper for 23 years.