… as Tasplan gets on with business as usual

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Tasplan has reappointed NAB Asset Servicing (NAS) as its securities services provider, after a competitive tender for its $9 billion portfolio. The active review was despite the ongoing merger negotiations at the fund.

The tender was conducted by Mercer Sentinel, with invitations going out to the major providers in the market. At the time of the review, NAS was securities services provider for Tasplan and Statewide Super, but not WA Super, which uses JP Morgan. WA Super represents all the local government authorities in Western Australia.

Now, with that three-way merger off the table (see separate report this edition), the re-selection of NAS will make a proposed merger with MTAA Super a little easier. The two have signed a memorandum of understanding. MTAA is also a NAS client fund. In any merger situation, the member administrator and securities services providers are crucial to a smooth transition.

Tasplan, too, as it stands today, is the result of a fairly large recent merger. Tasplan and Tasmania’s Retirement Benefits Fund announced their initial merger intentions in mid-2016 and completed the merger about a year later. It has become the state’s largest organisation, financially.

– G.B.

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