National Australia Bank’s National Asset Servicing subsidiary has retained its Queensland-based industry fund client Energy Super after a competitive tender run by recently semi-retired operations specialist Kyle Ringrose.
The $7 billion fund, which caters for about 47,000 members, has been with NAS for more than 10 years. It had no compelling reason to change custody providers but conducted the review due to regulatory recommendations.
Ringrose retired from his position as head of investment operations at QSuper in early 2016 after five years in the role, where he built up an operations team. Before QSuper he spent two years as manager of investment management services at Wilson HTM, and the preceding eight years as manager of wealth management, accounting and investment operations at Suncorp.
NAS has been on a winning streak of late, at least in part due to its flexibility compared with the foreign-owned custodians. It retained Suncorp, for instance, after losing it in a tender to BNP, when it was discovered that NAS could handle the complicated Suncorp funds better than anyone else.
A key differentiator for Energy Super was NAS’s access to key people, its responsiveness in times of demand and its ability to work on unusual solutions. Asset servicing is not easy. Providers need to be assessed on all sorts of metrics – not just price.