National Australia Bank Ltd.’s asset servicing unit has embarked on an alliance with New Zealand counterpart MMc Ltd. that will enable Australia’s biggest bank to offer fund administration services across the Tasman.
“The MMc alliance allows us to support our Australian clients with N.Z. operations as well as grow an additional base of clients in the N.Z. market,” said Carl Spurling, a National Australia Bank executive, in a statement.
National Australia Bank and MMc are engaged in “promising discussions” with N.Z.-based funds to win their middle and back office business. says Spurling. He says New Zealand has about NZ$65 billion in funds under management. That is expected to grow rapidly if Kiwisaver, currently a voluntary, work-based savings initiative, become compulsory as some have speculated.
Auckland-based MMc is a funds and investment administration company that has been in business since 2004. This year MMc has provided outsourced investment services to 25 clients whose combined assets under management is about NZ$4.4 billion.
National Australia Bank says it is the largest custodian in the Australian market. It has $550 billion in assets under custody for Australian investors. The bank has provided custodian services since 1950 and global custody and administration services since 1975.