BNP Paribas Securities Services (BNP PSS) has become MMC Asset Management’s first dual custodian and administrator, on the basis of what MMC chief financial officer David Mackaway called its “;technological edge”;.
MMC, a deep value Australian equities firm with $600 milion under management, previously split its custodial and administrative functions between two outside providers – ANZ Custodian Services and Mackenzie Coultas Fund Administration respectively. However MMC’s chief financial officer, David Mackaway, said it was more efficient to have custody and fund administration under the one roof. Mackaway conducted the tender process which saw BNP PSS selected from a shortlist that also included RBC Dexia Investor Services and NAB Custodian Services. “;[BNP PSS] emerged as an organisation with a similar long-term philosophy to ourselves, as well as a technological edge, particularly in the delivery of performance attribution information to the front office,”; Mackaway said.
With the upcoming federal election, profit-to-member funds have found themselves under much scrutiny, despite their assets having increased significantly over the last three years. The sector is facing increasing demands to lift its game, such as investing in member services as millions of Australians enter the retirement phase.
Glenda KorporaalFebruary 4, 2025
