A key architect of the compulsory retirement savings system lauds its many achievements, stretching from the national economy to the individual. Where it’s double faulting is in serving members – and it needs to be addressed promptly.
With performance and diversification driving demand, these funds are expected to experience four-fold global growth over the next decade to nearly $AU65 trillion.
Melbourne Catholics re-sign with NAB
Catholic Super, the big Melbourne-based multi-employer fund, has re-signed with its securities servicing partner, NAB Asset Servicing (NAS), for the next three years.
According to Lachlan Allardice, NAB’s head of account management for asset servicing, the Melbourne Catholics, as the fund tends to be known, has a strong growth agenda requiring additional services.
He said in a memo to NAB Asset Servicing staff: “We are already looking at a number of opportunities to extend the relationship. CSF has been a reference client in recent years and value the quality and consistency of the service experience from NAS. Please pass on our thanks to your teams who deal with CSF on a daily basis.”
The reappointment followed an open tender run by Drew Vaughan, the specialist operations and custody contract advisor. Vaughan, a principal of Dymond, Foulds & Vaughan, in Sydney, has advised on several big asset servicing reviews this year, which has been a busy one for the custody industry.
– G.B.
