The decision to retain NAB Asset Servicing (NAS) came after what Statewide Super described as an "extensive" market review process.
NAS is looking to make up ground in the custody market after steadily losing business since late 2014.
According to the Australian Custodial Services Association, NAS was the largest provider of custody for Australian investors as at 30 June 2014 with $673 billion in assets under custody.
While that figure had increased to $702 billion by 20 June 2015, NAS saw its business fall by 16.8 per cent to $584 billion by 31 December 2015.
UniSuper was one of the super funds to end its relationship with NAS, with the super fund announcing its decision to switch to BNP Paribas Securities Services in April 2015.
By 30 June 2016, NAS’s share of the market had fallen a further 3.6 per cent to $564 billion, which saw it overtaken as the top custody provider by JP Morgan.
In the six months to 31 December 2016, NAS's custody under management fell 9 per cent to $513 billion (retaining its number two spot), while JP Morgan held first place with $624 billion.
NAS announced Citigroup as its global custodian in December 2016.
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