National Australia Bank and BNY Mellon have strengthened their relationship to deliver a comprehensive range of asset servicing products and services to Australian institutional investors.
This new alliance reaffirms NAB's and BNY Mellon's long-standing custody relationship and will offer additional support to customers of both firms, as well as the opportunity to introduce an expanded suite of products and services.
NAB and BNY Mellon have a long and successful history working together. For almost 20 years they have shared a custody relationship whereby BNY Mellon is NAB's primary global custodian for offshore assets and NAB is BNY Mellon's primary sub custodian for Australian and New Zealand assets.
This new alliance builds upon that solid foundation and brings together BNY Mellon's global strengths with NAB's extensive local expertise.
Christine Bartlett, Executive General Manager of NAB's Asset Servicing business said the new alliance encompassed the broad range of asset servicing capabilities both organisations bring to market.
"NAB Asset Servicing is the largest custodian in the Australian market, backed by the strength of NAB's AA-rating, with a great deal of experience and a strong capability in domestic service.
"Building on our custody relationship and entering into a new alliance with BNY Mellon, who is the largest global custodian in the world, will help us support our clients in Australia and New Zealand to achieve their growth ambitions," Ms Bartlett said.
Danny McGrady, Country Executive for Australia at BNY Mellon, said this alliance demonstrated BNY Mellon's long term commitment to the Australian market.
"Australia has long been an important market for BNY Mellon's asset management and investment services businesses, largely a reflection of the continuing growth in superannuation savings," said Mr McGrady. "This alliance with NAB is another step in our long term commitment to Australian investors and enhances our position with the institutional market."
"Our two companies have enjoyed a strong relationship for almost two decades; accordingly we know each other's organisations and cultures well. We believe that together we have a compelling offering which can provide local capabilities for our global clients in Australia, and world class capabilities for Australian investors globally," added Mr Samir Pandiri, chief executive officer, BNY Mellon's asset servicing business.