Featured providers:

Data/Book Store

Collateral:Securities Lending, Repo, OTC Derivatives and Future of Finance

Magazine

NAB Asset Servicing Launches Fund Administration in New Zealand via MMc Partnership

Posted: 23 Nov 2011

National Australia Bank’s Asset Servicing division will form a strategic alliance with MMc Limited, a New Zealand-based specialist funds and investment administration business.

The terms of a memorandum of understanding will allow NAB Asset Servicing to offer fund administration services in the New Zealand market. Currently NAB offers custody services in New Zealand.

“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,” says Carl Spurling, general manager capability delivery with NAB. “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.”

MMc currently provide outsourced investment services to 25 clients with funds under management of NZ$4.4 billion. MMc’s service offering 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.

“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,” says Robert Moss, managing director of MMc. “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.”

NAB maintains a partnership with BNY Mellon, with BNY Mellon acting as NAB’s global custodian. The two banks have also launched product initiatives in conjunction with BNY Mellon, including private equity administration and middle-office services for its superannuation and fund manager customers. But a widely anticipated joint venture between NAB and BNY Mellon failed to eventuate, with parties walking away from negotiations.

(RA)

If you have any comments about this story or news tips, contact Christopher Gohlke in New York at cgohlke@globalcustodian.com or Janet Du Chenne in London at jduchenne@globalcustodian.com.