UniSuper, Melbourne, hired BNP Paribas Securities Services as master custodian for the A$50 billion ($38.8 billion) superannuation fund.
BNP Paribas replaces NAB Asset Servicing, which had been UniSuper’s master custodian for 23 years, UniSuper said in a news release.
Dharmendra Dayabhai, head of portfolio analysis and implementation at UniSuper and responsible for leading the search, said in the release that BNP Paribas was selected for its core custody and back-/middle-office capabilities.
UniSuper officials could not be reached for further details by press time.
