The long-standing custody relationship between National Australia Bank and big US-based institution BNY Mellon has been extended.
The two companies announced this week that they had strengthened their relationship to deliver a comprehensive range of asset servicing products and services to Australian institutional investors.
Commenting on the extended relationship, NAB Asset Servicing executive general manager Christine Bartlett said the new alliance encompassed the broad range of asset servicing capabilities both organisations brought to market.
"NAB Asset Servicing is the largest custodian in the Australian market, backed by the strength of NAB's AA-rating, with a great deal of experience and a strong capability in domestic service," she said.
"Building on our custody relationship and entering into a new alliance with BNY Mellon, who is the largest global custodian in the world, will help us support our clients in Australia and New Zealand to achieve their growth ambitions."
BNY Mellon country executive for Australia Danny McGrady said the alliance demonstrated BNY Mellon's long-term commitment to the Australian market.
"Australia has long been an important market for BNY Mellon's asset management and investment services businesses, largely a reflection of the continuing growth in superannuation savings," he said.
"This alliance with NAB is another step in our long-term commitment to Australian investors and enhances our position with the institutional market."
