NAB Asset Servicing, the custody arm of National Australia Bank, has today announced the successful transition to Citi as its global custodian.

NAB Asset Servicing executive general manager, John Comito, said completing the transition to Citi was another step towards becoming Australia and New Zealand’s most respected custodian.

“As NAB is the only Australian bank with an asset servicing business, we are uniquely positioned to deliver end to end financial solutions to meet the needs of our customers.

“This is another example of enhancing our offering through strategic partnerships where global scale and expertise is required.

“The successful go-live of the partnership with Citi means customers will continue to benefit from our deep knowledge of the local market as well as gaining direct access to a broad range of foreign markets and an enhanced level of service.

“NAB and Citi have worked together over the past 12 months to ensure the on-time delivery of one of the largest and most complex transitions to take place in the Australian market. The engagement across all levels of our organisations positions us to deliver on our commitments to our customers now and into the future. ”

Citi’s head of securities services in Australia and New Zealand, Martin Carpenter, said that he was delighted that the transition had been completed.

“We are excited about this opportunity to bring our custody network strength to NAB Asset Servicing and their customer base.”

First announced in 2015, the new strategic partnership will provide NAB Asset Servicing customers direct access to 60 markets around the world, as well as provide richer market information and easier access to subject matter experts for complex issues.

The successful transition comes on the back of a period of sustained success for NAB Asset Servicing, which has recently won contracts with Perennial Value Management, APN Funds Management and Optimal Funds Management.

The division was also recently internationally recognised by being named Best Sub-Custodian – Australia & New Zealand by Global Finance for the third straight year, cementing its position as one of the most outstanding custodians in the region.

About NAB Asset Servicing
Asset Servicing, part of NAB’s Corporate & Institutional Banking business, is the largest custodian in the Australian market.  It provides custody, master custody, investment administration and other related services to a range of locally and internationally domiciled customers. These include government agencies, investment managers, superannuation funds, insurance companies and banks. NAB has provided domestic custody services since 1950 and global custody and investment administration services since 1975.