2 February 2011
The Asset Servicing division of National Australia Bank (NAB) today announced the launch of a new series of product initiatives in co-operation with BNY Mellon starting with the introduction of Private Equity administration and middle office services for its superannuation and fund manager customers.
Leigh Watson, Executive General Manager Asset Servicing at NAB said: “The expansion will enable NAB to provide customers with access to global product and capability, whilst retaining a strong local presence.
“We felt that expanding our existing global custody partnership would result in the most tangible benefits for our customers. As our customers' investment strategies evolve, we have the flexibility to assess the solutions they need and deliver world class local and global products tailored to their needs.
“As custody, fund administration and middle office services naturally complement each other we believe this initiative will enable us to work with our customers to provide more efficient and integrated processing and risk management, which should in turn result in more value for the underlying members and investors.”
Mr Watson commented that the continued increase in superannuation assets in Australia, and further injections from the Cooper recommendations to increase the Superannuation Guarantee rate from 9% to 12%, has resulted in a continued higher allocation to unlisted assets such as private equity.
“We therefore need to deliver competitive product and service capability to our customers that can support these assets,” he said.
“Transparency and risk management are firmly at the top of the agenda for Australian financial insitutions,” said Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing.
“This is fuelling demand for middle office-related services, such as sophisticated reporting, risk analyses and monitoring solutions, which enhance transparency and mitigate operational risk.
“By marrying our solutions, we’re ideally placed to work closely with these institutions, facilitating the flow of data that informs their investment decisions and assists them in addressing today’s evolving regulatory requirements. Australia is a key growth market for our company and NAB has been a strong partner for 14 years. We look forward to continuing to work with them in serving the needs of Australian clients.”
Mr Watson said: “We remain committed to servicing our customers’ needs. We will do this by delivering an enhanced range of products and services and where appropriate these will be sourced through global relationships.
“BNY Mellon is a global leader in middle-office outsourcing and we’re pleased to be working with them on this capability for our Australian customers,” Mr Watson said.
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