The future of ANZ Custodian Services was assured by a bank review which took place at the same time as Westpac’s sub-custody business was sold to HSBC last year, division head Mandy Rashleigh has revealed.

“;The assets under custody were $85 billion when I took over [in late 2005], they are $130 billion today, and we’re consistently meeting the bank’s revenue growth targets which are 8-9 per cent a year,”; she said. Speculation that ANZ’s custody business would go the way of Westpac’s was founded on the incorrect assumption that the book was dominated by low-margin sub-custody work, according to Rashleigh. “;Securities lending and equity financing income make up 30 per cent of our revenue, and the bank has a 45 per cent Australian market share for cash clearing,”; she said, adding that expanding the master custody business (whose main clients are currently Fiducian and ANZ’s staff super fund) was a “;priority”;. ANZ won over one former Westpac client following the HSBC sale announcement, signing UK bank Abbey National to a mandate combining sub-custody and Australasian cash clearing.