NAB Custodian Services (NCS) is seeking to employ several operational staff in Sydney, however the boss of the Melbourne-based backoffice administrator has said no major shift northward is on the cards.
General manager of NCS, Peter Kempster, said “less than 10” new staff were being hired in Sydney, to provide performance reporting and other services for a single NSW client. He described market talk of a recruitment search for up to 30 operational staff in Sydney as a “beat up”. NCS’ Melbourne base is thought to be one reason why a major potential client, NAB-owned MLC, has so far resisted a move away from its incumbent custodian and administrator, State Street Investor Services. NCS has had several client relationship staff based in Sydney since it purchased the Commonwealth Custodial Services business in 2003, but this will be the first time it has placed operational staff in NSW. However, Kempster said NCS would remain a Melbourne-dominated business. “We have 500 people in Melbourne so [the hiring of people on Sydney] is a pretty minor change…it’s just something we’ve done as the business continues to grow,” he said.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
