National Australia Bank Asset Servicing has picked up what represents the first custody mandate issued by Western Australian-based general insurer RAC Insurance.
The mandate will take effect from immediately and followed the completion of a three-month tender process.
RAC's custody and reporting needs had previously been handled by Suncorp as part of a joint venture relationship entered into in 2008. However the dissolution of the joint venture saw the mandate put to tender.
Commenting on the appointment, NAB Asset Servicing general manager Brian Keogh said a key factor had been the ability to transition RAC Insurance's assets within a short time, as well as being a local player backed by the strength of NAB.
"All these proved critical given the time constraints overlaying RAC Insurance's complex insurance service requirements," he said.
This custody win follows on from the announcement of NAB Asset Servicing entering into a strategic alliance with MMc Limited, a specialist funds and administration business, to complement its existing custody services in New Zealand.
