BNY Mellon benefits from extended NAB relationship
BNY Mellon has picked up a key mandate, assuming responsibility this week for administration of the private equity holdings for Telstra Super.
The arrangement was confirmed by NAB Asset Servicing, which already holds Telstra Super as a mandate - something the Australian bank said demonstrated the benefits of the recently announced new alliance between National Australia Bank and BNY Mellon.
It said NAB and BNY Mellon had recently strengthened their relationship to deliver an expanded range of asset servicing products and services to Australian customers and that Telstra Super was the first major customer to benefit from the terms of this alliance with respect to their private equity positions.
Under the arrangement, BNY Mellon has assumed responsibility for the administration of private equity holdings, as well as providing exposure and risk reporting on the portfolio of securities.
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