National Australia Bank

Custody

NAB Asset Servicing shifts from BNY to Citi

National Australia Bank Asset Servicing is in the process of switching its global custodian partnership from BNY Mellon to Citi. The move follows a period of disruption at Australia’s largest local custodian that have seen management changes, an aborted sale of the business and the loss of many major clients including Cbus and Unisuper. Former […]
Administration

AustralianSuper contemplates foreign outposts

AustralianSuper has posed the question of whether it should have its own investment management and currency hedging teams based in Europe and America. Peter Curtis, head of investment operations at the $85 billion fund, who was speaking at the Investment Administration Conference in Sydney, said this was a model used by larger pension funds internationally. […]
Unintentional

Numbers moving to SMSF stalls

David Atkin, chief executive of Cbus has declared the growth in members of industry funds leaving for self-managed super funds at an end. The announcement comes the same day the scheme launches a member direct platform to cater for large account holders who want to manage their own investments. “Members moving to SMSF is an […]
Policy and Regulation

Banks and industry funds unite against FSI proposals

“It is clear…. that the banking system is considerably less competitive than the superannuation system, is systemically more risky and extracts a greater cost from the overall economy.” This extract from a submission sent by Greg Cooper, managing director of Schroder Investment Management Australia to the Financial System Inquiry, is perhaps the most damning put-down […]
Hedge Funds

Protective legislation to raise compliance costs

The trend towards greater active foreign-currency management is to collide with a hike in compliance costs, delegates of the National Australia Bank Superannuation FX Conference heard. Half of all funds now take currency hedging decisions at a total portfolio level, up from 8 per cent in 2003, and are increasingly using tailored strategies, rather than […]
Investment Strategy

OC Funds Management appoints custodian

Incumbent National Australia Bank Asset Servicing has been reappointed as custodian and investment administrator for OC Funds Management. The re-appointment is for a five-year term, following on from what is already a seven-year liaison. The decision was made after a custody review, with OC’s market manager Sam Cole saying the “depth and strength” of the […]
Investment Strategy

Seats filling across town

Citibank has appointed former Australian senator and minister for superannuation, Nick Sherry, to its securities and fund services, part of the Citi transaction services division. Sherry will be based in Australia and will have a regional role supporting Citi’s pension fund clients in the Asia Pacific region. Sherry was previously chair of the senate committee […]
Investment Strategy

Evolution at Vanguard, Plum and IFM

Vanguard has announced that Greg Davis, principal and head of bond indexing in Vanguard’s fixed income group, will assume the chief investment officer role for the Asia Pacific region in 2013. Davis, who has been with Vanguard for 13 years, currently has responsibility for managing in excess of US$240 billion in bond index portfolios. He […]
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