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NAB awarded QSuper mandate
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National Australia Bank (NAB) has been awarded a master custody and investment reporting services mandate by Queensland-based superannuation fund, QSuper.
The mandate was announced by QSuper chief financial officer Michael Cottier, who said it had followed an extensive review process that was started in 2009 and conducted by QSuper’s Investment Services team and Mercer division, Mercer Sentinel.
Cottier said that NAB had been awarded the mandate on the basis of having clearly understood the required services for the fund’s operating model.
“Appointing NAB as custodian will allow QSuper to manage its custody relationship directly and provide our members with a more efficient, cost-effect investment administration platform,” he said.
Cottier said two recent decisions had contributed to the fund establishing a direct relationship with NAB. These included a Board of Trustees decision to create greater internal control, and the granting of a Registrable Superannuation Entity licence by the Australian Prudential Regulation Authority (APRA).
AUTHOR
Mike Taylor
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