NAB Asset Servicing aligns with MMc in New Zealand

22 November 2011
| By Keith Griffiths |
image
image
expand image

National Australia Bank’s Asset Servicing business has signed a memorandum of understanding to form a strategic alliance with MMc Limited in New Zealand.

MMc is a specialist funds and investment administration business. The strategic alliance allows NAB Asset Servicing to offer fund administration services in the New Zealand market to complement its existing custody service offering, according to NAB.

“The MMc alliance allows us to support our Australian clients with New Zealand operations as well as grow an additional base of clients in the New Zealand market,” said NAB Asset Servicing general manager capability delivery Carl Spurling.

“The introduction of KiwiSaver a few years ago has seen an increase in demand for financial services for both the funds management and retirement funds industries in New Zealand,” he said.

In 2011, MMc provided outsourced investment services to 25 clients for funds under management of NZ$4.4 billion.

According to managing director of MMc Robert Moss, the relationship with NAB Asset Servicing strengthens MMc’s capability to provide the full range of investment administration services to New Zealand investment managers and wealth management organisations.

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. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week 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 ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 22 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 22 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 23 hours ago