National bags top spot in master custody battle
The final movement of funds from the Queensland Investment Corporation (QIC) has jettisoned the National to the top of the master custodian tables ahead of State Street.
The final movement of funds from the Queensland Investment Corporation (QIC) has jettisoned the National to the top of the master custodian tables ahead of State Street.
The latest Intech master custodian survey shows the final transition of $14 billion from QIC to the National earlier this year brings its funds under custody to $93.2 billion, more than $20 bil-lion clear of State Street, its nearest rival.
State Street also lost $5.5 billion in the first three months of the year, after five superannuation funds were transferred to the Commonwealth. The loss of the clients puts State Street less than 2 per cent up on its total of $71 billion at this time last year.
Chase Manhattan continues to be hold top spot on funds under custody on behalf of super funds with $40 billion under custody, only marginally up on the same time last year.
The Australian master custody market grew about 7.1 per cent ($20 billion) in the first three months of the year, with assets under custody now totalling nearly $300 billion.
The total market grew 26.3 per cent ($62.5 billion) in the year to March 31. The main benefici-aries of the growth were the National ($33 billion), AMPIA ($8.8 billion) and Commonwealth ($7 billion).
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