National Australia Bank’s (NAB) Asset Servicing business has been appointed to provide custodial services to Australian specialist real estate investment manager, APN Property Group (APN) for its suite of real estate securities funds.
Established in 1996, APN is listed on the ASX and manages $2.4 billion (as at 31 December 2015) of real estate and real estate securities on behalf of institutional and retail investors.
NAB Asset Servicing’s Head of Business Development Australia and New Zealand, Peter Hele, said: “We are really pleased that APN have entrusted us to support them with their custody services. Our local presence and international network, coupled with on-shore servicing our expertise with back office operating models put us in the best position to be selected by the APN team.
“Access to market-leading products and broader bank capability is key to our proposition, and we are looking forward to working with APN into the future,” he said.
Michael Groth, Chief Financial Officer of APN Property Group said: “When we signalled to the market our intention to review our custody requirements, NAB were quick to engage with us and provide ideas and solutions on how they could improve our current processes.
“NAB’s strength, security, and commitment to the region were major factors in our decision to appoint them,” he said.
About NAB Asset Servicing
Asset Servicing, part of NAB’s Product and Markets business, is the largest custodian in the Australian market with $655 billion in assets under custody. It provides custody, master custody, investment administration and other related services to a range of locally and internationally domiciled clients. 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 1975.26