Assets under custody grows amid tough competition

16 February 2012
| By Tim Stewart |
image
image
expand image

Total assets under custody for Australian investors grew by 1 per cent to $1.82 trillion in the six months to 31 December 2011, according to the Australian Custodial Services Association (ACSA).

ACSA chair Pierre Jond said the growth came despite fierce competition from institutional clients such as asset managers, insurance groups and superannuation funds that were looking to offer their members a wider range of services.

"More than ever, custodians face the twin pressures of continual innovation and investment in technology while remaining highly cost-competitive," said Jond.

Australia is a very innovative market, and superannuation funds are "regularly pioneering investment in new products", he added.

NAB Asset Servicing has remained the largest overall player in the custody market, with $556 billion in total assets under custody for Australian investors - down 2.9 per cent for the six months to 31 December 2011.

NAB was followed by JP Morgan ($341 billion), BNP Paribas ($261 billion) and State Street ($125 billion).

HSBC Bank remains the largest sub-custodian in Australia, with $494 billion in sub-custody assets.

Assets under administration (ie, not held in custody) for Australian investors rose 16 per cent in the second half of 2012.

State Street is the largest administrator in Australia, with $56.3 billion in assets under management, followed by NAB Asset Servicing ($40.8 billion), Northern Trust ($37 billion), and BNP Paribas ($36.9 billion).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The central bank has served up a disappointment for punters on Melbourne Cup Day....

4 hours ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

9 hours ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

1 day 2 hours ago