National Australia Bank’s Asset Servicing business continues to win mandates from mid-ranking fund managers with the announcement of two new contracts with investment manager, Atrium Investment Management, and Fitzpatrick Private Wealth.
NAB AS will provide administrative services to Atrium, a Sydney based multi-asset manager with just over $600 million in funds under management.
Fitzpatricks is a national advisory and wealth management firm specialising in estate planning and wealth preservation. NAB AS will provide custodial services to the firm, which has $2 billion under advice.
Both mandates were won after competitive tender processes managed by Foxrock Consulting, which was also involved in NAB AS’s other recent appointment as custodian to Adelaide-based Investment Science Asset Management, with around $300 million under management.
Custody is an increasingly competitive market in Australia, with NAB AS the only local player competing against State Street, JP Morgan, Citi, BNP Paribas and Northern Trust.
With over $540 billion under custody and administration, NAB AS won mandates from super funds Telstra Super and the Health Industry Plan last year, but lost Christian Super to State Street.
Christine Bartlett, executive general manager at NAB AS, will be a member of a panel discussion at the upcoming Conexus Financial Investment Administration Conference on February 13 at Sydney’s Hilton Hotel.
I&T News will speak with Bartlett next week on the discussion topic “A Perfect Partnership,” which focuses on what clients are looking for in their custodial relationships.
For more information on the Conexus Financial Investment Conference, click here.