The appointment follows an extensive tender and review process. A number of organisations were identified as having the capacity to cater for UniSuper’s current and future needs and were invited to tender for the business.
“We determined that BNP Paribas was best placed to meet UniSuper’s evolving custody needs and were highly impressed with the overall depth and quality of its service offering for 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,” said UniSuper’s Head of Portfolio Analysis and Implementation Dharmendra Dayabhai.
“BNP Paribas’s world class information delivery systems will provide crucial support to UniSuper in meeting the increasing demand for detailed portfolio information to both satisfy regulatory requirements and support our expanding in-house investment management activities,” added UniSuper’s Chief Executive Officer Kevin O’Sullivan.
Mr Ian Perkins, Acting Head of BNP Paribas Securities Services, Australia and New Zealand, explained: “UniSuper appreciated our understanding of their current as well as future requirements and how we will meet them with our full service offering, global scale and local efficiency, supported by world-leading technology.”
Mr Patrick Colle, Global CEO of BNP Paribas Securities Services, added: “We are delighted to partner with UniSuper, who are a globally significant client for us. As one of the world’s leading banks we are extremely well positioned to provide custody services for their members’ assets.”
The review and tender was conducted by UniSuper’s internal team, led by Dayabhai, in conjunction with Drew Vaughan from Dymond, Foulds & Vaughan, an independent consulting firm specialising in custody review services.
BNP Paribas will replace NAB Asset Servicing, who has provided strong and dedicated support to UniSuper in what has been a long-standing and successful 23 year relationship.
UniSuper is a not-for-profit superannuation fund, run solely for the benefit of its members.
For more than 31 years, UniSuper has been managing super for people employed in the higher education and research sector. UniSuper is one of Australia’s largest superannuation funds, investing more than $50 billion on behalf of more than 370,000 current and former higher education and research employees.