BNY Mellon Asset Servicing, the global custodian resulting from the merger of Bank of New York and the Mellon group, is to move its $25 billion of Australian assets under custody from ANZ to National Australia Bank.
The assets will be transitioned in the fourth quarter of this year. The decision followed a review by BNY Mellon, however, BNY has had a strong relationship with NAB for just over 10 years. BNY is NAB’s global custody partner. Patrick Liddy, director of marketing and strategy, said the deal would push NAB’s Australian custody business to about $600 billion.
16 October 2007 00:00
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Investments
Ryan Riedler, head of ASX core strategy, Australian equities at Cbus, says the fund will look to generate alpha locally through engagement and that internalisation will help it strengthen its connection with other market participants, as well as its brokers and service providers.
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