NAB Custodian Services has been made part of a new group within the bank which includes the private banking arm, JANA Investment Consultants, NAB Financial Planning and specialised investments.

The custody group will make up the largest part of the new division in terms of revenue and will continue to be headed up by general manager, John Treloar. The division, called ‘Private and Institutional Wealth’, is being headed up by Andrew Hagger, who joined the bank in February initially as executive general manager of the office of the chief executive. He was previously with PricewaterhouseCoopers for 21 years. Hagger said yesterday that the restructure was in response to institutional clients – particularly the NAB Custody clients – saying that they wanted “;to see more of the bank”;. The new division would make it easier for them to access greater efficiencies and a wider breadth of services. He said the bank still saw private markets and institutional as two distinct markets but that innovations often started at the institutional level and worked their way through to private markets. The move is seen as very positive for NAB Custodian Services, as Australia’s largest custodian, because it links it closer to other fast-growing segments of the bank, such as financial planning and specialised investments. Hagger will report to Ahmed Fahour, NAB executive director and chief executive for Australia, who said that private wealth clients offered significant growth opportunities for the bank. Hagger said that NAB would also look to deepen its relationships with institutional clients, such as industry funds and other fund managers, with services such as deposits, investments, foreign exchange and transaction banking.

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