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NAB Asset Servicing grabs another client
NAB Asset Servicing has won the mandate to provide custodial services to investment manager, JCP Investment Partners (JCP).
According to the Australian Custodial Services Association (ACSA), as of February NAB Asset Servicing was the largest player in the custody market, despite experiencing a 2.9 per cent decrease in total assets under custody for the six months to December 2011.
JCP is NAB's ninth client in nine months, and expands NAB Asset Servicing's custodial presence in Australia, following a mandate awarded for the Australian Reinsurance Pool Corporation in February, according to NAB.
Asset Servicing also moved into the New Zealand market in February through a partnership with MMc Limited, winning the mandate for the New Zealand Guardian Trust.
Foxrock Consulting managed the two-month tender process, which will add to Asset Servicing's $550 billion in Australian investor assets under custody.
Other recent clients include RAC Insurance - who signed on in November last year - and the Central Bank of the Russian Federation.
NAB Asset Servicing was also successful in a tender with MTAA Super Funds - being reappointed to provide custody services in February.
General manager of sales, relationships and financial markets services for NAB Asset Servicing Brian Keogh said NAB's service model and ability to meet current and future demands was critical to the decision.
As new clients line up, some old ones are signing off with State Street Corporation, replacing Asset Servicing as custody services provider for QSuper in March.
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