22 November 2011
National Australia Bank’s Asset Servicing business has signed a Memorandum of Understanding to form a strategic alliance with MMc Limited in New Zealand.
MMc is a specialist funds and investment administration business which has been offering services to New Zealand based investment managers and investment product providers since 2004.
The strategic alliance allows Asset Servicing to offer fund administration services in the New Zealand market to complement its existing custody service offering. According to Mr Carl Spurling, General Manager Capability Delivery, the alliance reinforces Asset Servicing’s commitment to sourcing capability from global partners.
“In line with our strategy, we are partnering with a recognised investment administration provider in the New Zealand market which supports our own domestic custodian service in the region,” Mr Spurling said.
“The MMc alliance allows us to support our Australian clients with New Zealand operations as well as grow an additional base of clients in the New Zealand market.
“The introduction of KiwiSaver a few years ago has seen an increase in demand for financial services for both the funds management and retirement funds industries in New Zealand,” he added.
In 2011, MMc provided outsourced investment services to 25 clients for funds under management of NZ$4.4 billion. This includes providing full unit pricing and financial accounting services for more than 140 investment funds with a mixture of daily, weekly and monthly unit pricing and NZ IFRS compliant financial statements.
According to Mr Robert Moss, Managing Director of MMc, the strategic alliance is an important initiative for the New Zealand investment administration market and acknowledges the growth and opportunities that exist in New Zealand.
“The relationship with NAB Asset Servicing strengthens MMc’s capability to provide the full range of investment administration services to New Zealand investment managers and wealth management organisations,” Mr Moss said.
“NAB are the recognised leader for master custody services in Australia while MMc are the recognised local specialist for providing the core range of investment administration services in New Zealand,” he said.
Asset Servicing, part of NAB’s Wholesale banking business, is the largest custodian in the Australian market with $550 billion in assets under custody for Australian investors.
It provides custody, master custody, investment administration and other related services to a range of locally and internationally domiciled clients. These include government agencies, investment managers, superannuation funds, insurance companies and banks.
NAB has provided domestic custody services since 1950 and global custody and investment administration services since 1975.
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