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MLC has made the decision to transition its custody and administration services for the MLC MasterKey platform to National Custodian Services (NCS) from its existing provider, State Street Australia Limited.
The transition will begin shortly once final due diligence has been completed and will take a number of months to finalise.
"With a custody services provider located within the NAB Group it made sense for us to leverage this internal capability," said Mr Steve Tucker, CEO of MLC.
"We are committed to having the highest quality business partners and suppliers. The interests of our customers are paramount and we have undertaken extensive due diligence to ensure this transition is in the best interests of our customers."
"NCS is the largest domestic custodian and has established a strong reputation for quality service and we are looking forward to working with them to meet the needs of our customers."
"MLC's relationship with State Street spans 21 years and it has been an extremely successful partnership. We have received excellent service from State Street over the years and wish the business continued success in the future," Mr Tucker said.
Royal Bank of Canada will continue to provide custody services to MLC's MasterKey Custom platform.
For further information, please contact:
Stacey Mitchell
Manager, Media Relations, MLC
National Australia Bank Limited
T (02) 9966 3035
M 0400 305 446
Kristen Allen
Adviser, Media Relations, MLC
National Australia Bank Limited
T (02) 9957 8580
M 0412 759 753
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