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.