print
National Australia Bank Ltd. fought off rivals to renew its custody contact with MTAA Super Fund, a business relationship that will now last more than 15 years.
The bank, which has a 30 per cent market share of Australia’s custody business, has yet to finalise the length of its contract with MTAA Super, which manages about $6 billion. MTAA Super was advised by consultants Thomas Murray.
“Key factors in our decision to re-appoint NAB were its focus on and expertise in asset servicing for superannuation fund assets, and in particular its expertise with our mix of assets,” says MTAA Super’s chief executive Leeanne Turner in a statement.
The bank’s successful defence of its custody contract with MTAA Super dampens speculation and the sniping its rivals have made regarding the sustainability of its predominance in the local market.
National Australia Ban’s asset servicing unit had $556 billion in assets under custoday as of June 30, 2011 from a total investment pool in Australia of $1.86 trillion, according to the Australian Custodial Services Association.
“We’re looking forward to another strong year ahead for 2012,” says Brian Keogh, general manager sales, relationships and financial market services, asset servicing at National Australia Bank, in a statement.
QSuper, the $30 billion fund, is expected to decide who will win its custody contract this month. National Australia Bank is the incumbent custodian.
Custodians charge between 3 basis points to 7 basis points based on a client’s assets under management. The bigger a fund’s assets under management are, the lower the fees a fund is charged by a custodian.
The “occupy”movement has a woman problemhttp://t.co/9V1VOl2w
White House can’t quite get itself to condemn violence by Egypt military, so urges only “restraint on all sides.” http://t.co/dCy1oFRl
Human rights of women and girls at ‘extreme risk’ in nearly half the countries in the world http://t.co/93YKpnPI<
Custody, administration, settlement and clearing
M&A, joint ventures, new business endeavours
Latest news on superannuation and funds management businesses
Video and audio interviews
Analysis by Brett Cole
News on people in the superannuation and fund management industry including hirings and firings
Superannuation and fund management investment strategy
Trading technology and securities markets news
AMP Capital will acquire $232 million of infrastructure assets that include six new schools in Adelaide. The South Australian Schools Public Private Partnership ... [more]
Leigh Watson, executive general manager for asset servicing at National Australia Bank, is filling a page with doodles with his employer at the ... [more]
In 2009 Adam Hill was in Papua New Guinea, working in a Port Moresby accountancy office by day and coaching rugby union by ... [more]
Superannuation funds are concerned about product compliance around new demands on pre and post-tax reporting of performance, says the chief executive of DST ... [more]
Nick Basile is on the hunt for a replacement. The acting-chief executive of real-estate investor Presima is travelling outside Australia seeking a replacement, ... [more]
PacWealth Capital, a Port Moresby-based investment management and advisory firm, has been given a $1.1 billion mandate by Papua New Guinea’s National Superannuation ... [more]
Comments: 0