NAB Custody’s MLC man takes over at ANZ Custody

The supervisor of Australia’s largest-ever backoffice transition has transferred himself, from National Custodian Services (NCS) to the top job at ANZ Custodian Services.

Geoff O’Callaghan will take the helm of ANZ Custodian Services from Michael Campbell, who has been acting in the role since Karl Mattingly left after a brief period running the business late last year. O’Callaghan was a veteran NCS staffer who headed the team responsible for transitioning MLC’s longstanding master custody relationship with State Street Investor Services over to NCS. That transition become official last May, 21 years after State Street began servicing MLC, and seven years since the multimanager was bought by NCS’ parent, National Australia Bank. With the transition having recently become complete, O’Callaghan will not be replaced at NCS following his move to ANZ. Meanwhile, ANZ Custodian Services head of sales and account management, Angelo Calvitto, has resigned from the business and said he would finish up in the next three or four weeks. He said he was considering his next move.

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Geopolitical risks rewire asset allocation ‘operating system’: GIC

Some investors are “missing the point” of geopolitical risks by equating them to the disruptions from conflicts and wars, according to GIC chief economist Prakash Kannan, but in reality, geopolitical risk is no longer episodic or peripheral. This means investors need to think harder about inflation and country composition in their portfolio.

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