UBS reappoints NAB to administer local assets
UBS Global Asset Management has reappointed National Australia Bank’s Asset Servicing division to provide custody and administration services for the manager’s A$8.1 billion of domestically held assets in a three year deal.
The decision followed an extensive review and due diligence process, and took into account potential risks from upcoming regulatory changes and the fact NAB Asset Servicing is introducing a middle office capability, according to Michael Moore, executive director, head of operations APAC at UBS Global Asset Management.
The assets are all held in managed investment schemes across a range of assets such as fixed interest, property and equities, according to Peter Hele, managing director of client relationships at NAB Asset Servicing.
NAB Asset Servicing’s relationship with UBS GAM has grown over the past five years and has been further strengthened by NAB’s approach in preparing for potential changes arising from the Cooper Review in a three to five year time frame, Hele said.
“We’ve been able to strengthen our client relationships by maintaining a constant focus on both retail unit registry and unit pricing” he said. “For UBS AGM, this has allowed them to focus on its core business of asset management.”
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