Patrick Liddy has left NAB Asset Servicing where he has worked as head of sales and marketing, apart from a short spell in transition management, for most of the past 14 years.

Liddy said yesterday that he was unable to comment on what he would do in the future, other than to say: “I’m going to have a holiday and then consider my options … I enjoyed every minute at NAB. It was a great place to work and I made some enduring friendships among work colleagues and clients.”

NAB has climbed from the fourth largest to the largest custodian in Australia over the past 14 years and, following the purchase of ANZ’s custody business by JP Morgan this month, is now the only Australian-owned business in the market for third-party custody and asset servicing.

Since returning to NAB in Melbourne in 2007, after 12 months in Sydney marketing UBS’s transition management service, Liddy was instrumental in launching the bank’s master manager service, which allows funds to aggregate their portfolios for greater efficiencies.

Before that, he was also instrumental in introducing a panel system for foreign exchange management on behalf of NAB custody clients whereby other banks were asked to tender for FX business alongside NAB’s treasury services.

The executive general manager of NAB Asset Servicing, Leigh Watson, said he would look at replacing Liddy in the position in the new year, and wished him well in his future endeavours.

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