Zurich appoints BNP to super custody role
BNP Paribas Security Services has been appointed to provide unit pricing and custody services to Zurich Australia’s i.super and Finium corporate superannuation platforms.
The mandate, announced last week, followed a select market tender conducted by Zurich.
Zurich head of platforms Karen Malzard said an important consideration had been BNP Paribas Securities Services’ demonstrated transition capabilities.
Malzard said BNP Paribas Securities Services enters the partnership with a track record of successfully providing the required services to similar types of clients both in Australia and overseas.
The unit pricing and custody services were previously provided by AAS Superannuation Services, which will continue to provide member administration services.
Zurich’s i.super and Finium corporate superannuation platforms boast 70,000 members and over $1 billion in funds under administration.
Commenting on the mandate, the head of business development at BNHP Paribas Securities Services, Chris Briant, said Finium had required a provider that could be relied upon to deliver almost 200 daily unit prices on time and accurately and that BNHP were excited to be able to deliver.
“We are delighted to establish relationships with Finium and the Zurich group in Australia,” he said.
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