National Australia Bank will leverage key partnerships and invest in technology to further cement its position as Australia’s leading custodial services provider.

Christine Bartlett, Executive General Manager, NAB Asset Servicing (NAS) said the decision to increase investment in NAS followed an eight-month process to identify the best future direction for the business.

“Today’s announcement reinforces NAB’s position as the largest provider of custodial services in Australia with more than $600 billion under custody and administration,” she said.

NAB will continue its global custody partnership with Bank of New York Mellon (BNY Mellon) to provide customers with a comprehensive range of investments services and innovative technologies.

BNY Mellon Asia-Pacific Chairman, Steve Lackey, welcomed the announcement from NAB and said he looked forward to furthering the productive and long-standing partnership.

“For 19 years we have partnered with NAB to provide the products, technology and thought leadership customers need in the world of asset servicing, and we look forward to building on this trusted and proven relationship in the years ahead,” he said.

NAB Group Executive Product and Markets, Antony Cahill, said: “The eight-month process reinforced to NAB that our customers value our custody services. We look forward to continuing to work closely with our partners in delivering for our asset servicing customers.”

Enhanced capabilities to be delivered to NAB Asset Servicing customers in future include:

• Advanced performance reporting – a localised version of Eagle Performance Reporting offering daily access to reports, dashboard and data that can be formatted according to client needs (supported by Eagle Investment, Systems LLC, a subsidiary of BNY Mellon)
• A new registry platform – further enhancing reporting capability and dashboard views for registry clients
• New and improved client portal – greater access to data and report writing tools
• An agency securities lending program – providing greater flexibility on counter party exposure, along with further flexibility in investment returns