Prime Super has awarded a five-year custody contract to National Australia Bank's Asset Servicing business — renewing the contract the custodian has held since 2007.
Prime Super chief executive Lachlan Baird said the $1.6 billion industry fund had used a competitive tender process.
"We continue to acknowledge the full scale of their resources as part of the broader NAB Group and hope to continue to leverage these in the future," he said.
Executive general manager of NAB Asset Servicing Christine Bartlett said: "As Australia's largest custody provider, we have the backing of NAB — one of the biggest and safest banks. We can leverage from the wider range of NAB products and importantly, we can leverage from the largest rural network of any Australian bank.
She claimed that these factors, combined with NAB Asset Servicing's risk management framework, experience across a broad mix of asset classes and deep industry experience, set NAB Asset Servicing apart from its competitors.
NAB's Asset Servicing business has also retained its spot as the largest custodian by asset size and has renewed contracts with UBS Global Asset Management. It has expanded its relationship with Suncorp and forged a new partnership with BNY Mellon to deliver additional products and services.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.