With superannuation fund Sunsuper entering the final stages of a long tender, it will be picking State Street Corp. or National Australia Bank (NAB) as its custodian, I&T News reports. The decision depends upon the front- and back-office capabilities of each custodian. NAB which has offered custodial services to Sunsuper for 13 years,
The Sydney-based investment team of the fund is satisfied with the market analytics provided by State Street, whereas its investment operations team in Brisbane is impressed by NAB’s services. Sunsuper hired Mercer Sentinel in March to assess offerings from selected custodians. The search was conducted by Lounarda David, Asia-Pacific director at the investment operations consultant, and Jamil Barmania, senior associate.
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