NAB Asset Servicing wins Maple-Brown Abbott
National Australia Bank Asset Servicing has won the tender to provide custodial and administration services to Maple-Brown Abott's recently acquired retail managed investment schemes (MIS).
The new arrangement was set in motion on 27 April after a comprehensive selection process which saw Asset Servicing win out due to its local strength and commitment to deliver, according to Maple-Brown Abott chief operating officer Richard Grundy.
Privately owned Maple-Brown Abott has $10 billion in funds under management pooled from its Australian and ex-Japan equity portfolios for corporations, institutions, industry and corporate superannuation funds.
NAB's Asset Servicing team manages $540 billion in assets under custody, including eight other clients picked up in the last nine months.
Others include RAC Insurance, who signed on in November last year, the Central Bank of the Russian Federation and a reappointment to act as MTAA Super Funds custodian last February.
Asset Servicing general manager of sales, relationships and financial market services Brian Keogh said NAB's industry insight, system flexibility and strong balance sheet were factors contributing to the win.
"Our business offers a one-stop shop with a single contract backed by one of the world's strongest banks, and we are delighted to formalise our relationship with Maple-Brown Abott," he said.
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