The Australian Reinsurance Pool Corporation (ARPC) has chosen the asset servicing unit of NAB to provide custodial services.
Previously, ARPC received custodial services from Suncorp via its investment with Tyndall Investment Management.
The appointment followed market testing and a due diligence process, with $740 million in assets under custody transitioning to NAB on 5 February.
NAB’s ability to transition ARPC’s assets within a short timeframe was a key factor influencing the custody win.
“All these proved critical, given the time constraints,” NAB asset servicing sales, relationships and financial market services general manager Brian Keogh said.
“Overlaying this was our flexibility to accommodate ARPC’s specific requirements and guidelines to meet ARPC’s statutory investment and reporting obligations directed by the Commonwealth Authorities and Companies Act 1997, which is administered by the Department of Finance and Deregulation.
“Securing this new relationship with ARPC continues the strong momentum asset servicing has built in recent months, and we look forward to carrying that through 2012.”
ARPC is a statutory authority established by the Terrorism Insurance Act 2003 to administer the terrorism reinsurance scheme for commercial property and associated business interruption losses and public liability claims.
