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AvSuper chooses BNP Paribas as new custodian
Aviation industry fund AvSuper has appointed BNP Paribas Securities Services as its master custodian, replacing NAB Asset Servicing.
AvSuper chief executive Michelle Griffiths said BNP Paribas stood out in the tender process, having a "clear understanding of our business and our needs" as a boutique fund.
"It wasn't necessarily a function of what we weren't getting from NAB - it was more about enhancing an existing range of services," said Griffiths.
"We were looking for a custodian with the global technology capabilities to be able to comfortably manage our unique requirements while providing a high level of personal support and service to a small in-house investment team," she added.
BNP Paribas Securities Services managing director Pierre Jond said superannuation funds were facing changing market conditions and were demanding "increased operational effieciency".
"We feel given our ongoing investment in technology, that we are ideally positioned to partner with and support AvSuper and meet their sophisticated requirements," Jond said.
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The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.
Colonial First State (CFS) has announced solid double-digit returns for its MySuper balanced and growth equivalent funds during the financial year.
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
HESTA has delivered a 10.18 per cent return for its MySuper Balanced Growth option in the 2024–25 financial year, marking the third consecutive year of returns above 9 per cent for the $80 billion industry fund’s default investment strategy.
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