Rise in assets under custody
A “staggering” increase in assets held under master custody drove a 39 per cent rise in total Australian assets under custody to $768 billion last year.
Ann Forbes, chair of the Australian Custodian Services Association, says assets under master custody increased by "a staggering 68 per cent to $324 billion," in 1998.
She attributed this to the trend for investment managers to outsource their back offices to master custodians.
Global custody assets rose by 30 per cent to $90 billion, reflecting increased Australian investment in overseas markets. Domestic custody grew 19 per cent to $353 billion.
Forbes predicts assets under custody will continue growing in 1999 but will slow in the second half.
The leading custodian for all categories was Westpac Financial Services with $102 billion, followed by National Australia Bank with $92.1 billion and State Street Australia with $88.7 billion.
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
