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Optimal selects NAB AS
National Australia Bank's custody arm, NAB Asset Servicing (NAS), has picked up a new mandate.
The company announced it had been selected to provide custodial and back office services to absolute return investment manager, Optimal Funds Management Australia.
Confirming the mandate, NAB executive general manager, Asset Servicing, John Comito, said he was delighted that Optimal Australia had appointed NAS to support their new products.
"Optimal Australia has had significant success with their absolute return fund, and we are keen to support them as they grow their product set into the future," he said. "We are seeing an inflection point with respect to custody servicing, with institutions looking for in-region specialist knowledge combined with transparency on operational leakage, which is critical for fund managers."
Principal of Optimal Australia, George Colman, said the company had been impressed with NAB Asset Servicing's advanced back office technology and their ability to move quickly to meet its requirements.
"Their specialist knowledge with respect to the funds management industry and the local support they provide was critical to our decision," he said.
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