Equip Super awards custody mandate

Equip Super has selected a new custodian and back-office administrator to replace NAB Asset Servicing.

Northern Trust won the mandate to provide asset servicing solutions that include global custody, fund administration and portfolio analytics.

It replaces NAB Asset Servicing, which flagged in 2022 that its parent company NAB will leave custody completely following years of mandate losses.

Equip Super chief financial officer Marc Pizzichetta said the fund chose Northern Trust as its new custodian based on its global services and product offering and competitive fees.

"They proved to be the best match to enable us to meet our fund's strategic objectives and provide the best financial interest to our members," Pizzichetta said.

The transition of services took effect on April 2.

Equip Super merged with Catholic Super in 2019 and together have about 140,000 members.

Northern Trust country executive for Australia and New Zealand Leon Stavrou said the decision by Equip Super to select Northern Trust underlines the latter's commitment to Australia and expertise in providing asset servicing to superannuation funds.

"We understand the unique needs of this industry and look forward to building our relationship with Equip Super as they continue to grow," he said.

Several firms have recently appointed new custodians since the folding of NAB Asset Servicing.

Citi scooped up a slew of mandates in recent months.

Citi is now custodian, fund administrator, and registry services provider for Fiducian Group.

It is also the new custodian and fund administrator for Ausbil Investment Management and $6.7 billion industry fund Prime Super.