BNY Mellon said that the extended partnership is to meet the demand of Australian financial institutions which are looking for middle office-related services, such as sophisticated reporting, risk analyses and monitoring solutions, which enhance transparency and mitigate operational risk.
NAB Asset Servicing executive general manager Leigh Watson said that 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," Watson said.
BNY Mellon Asset Servicing head of Asia Chong Jin Leow said that Australia is a key growth market for the company and NAB has been a strong partner for 14 years.
Watson aslo said 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.
BNY Mellon has been active in Australia for more than 30 years, offering various asset management, payment, trustee, depositary receipt, clearing and global custody services to Australian banks, institutional investors, listed corporations and broker-dealers. The company has offices in Sydney, Rosebery NSW and Melbourne.
