Industry super fund UniSuper has appointed BNP Paribas as its master custodian after an extensive tender and review process.
BNP Paribas replaces NAB Asset Servicing, which was UniSuper's custodian for 23 years.
The super fund for employees in the higher education sector carried out the tender and review process, led by head of portfolio analysis and implementation Dharmendra Dayabhai.
Dayabhai said the super fund was impressed with BNP Paribas' offering of both core custody and back/middle office functions.
"Our custodial arrangements are a critical function and having the right long-term partnership in place is key to our success," he said.
Chief executive officer, Kevin O'Sullivan, said the custodian's information delivery system will enable UniSuper to meet portfolio information demand and to meet regulatory requirements, as well as backing the fund's in-house investment management activities.