Multi-industry superannuation fund Asset Super has continued its eight-year relationship with National Australia Bank's (NAB) asset servicing division.
NAB will provide master custody and investment reporting services for the $1.4 billion Sydney-based fund.
Asset Super chief executive John Paul said the reappointment will enable the fund to benefit from the bank's scale.
NAB will also focus on regulatory change, helping Asset Super transition to a new tax regime under Division 230 of the Taxation of Financial Arrangements Bill (TOFA).
"NAB's committed approach to relationship management, combined with its scale and its investment in a very sophisticated technology platform, enables the business to service its custody clients very well," Paul said.
NAB has upgraded its Hi-Portfolio taxation and reporting platform to help funds negotiate TOFA implementation, which has a default deadline of 1 July 2010.
"We look forward to further strengthening and extending our relationship with Asset Super and the broader domestic superannuation fund industry," NAB Asset Servicing director of client relationships Peter Hele said.
In January AvSuper also reappointed NAB as custodian, building on a relationship stemming from 1998.
As at 31 December 2009, NAB had $527 billion in total assets under management. It is the only domestically-owned custodian remaining in Australia.
