NAB Asset Servicing in data deal with Thomson Reuters
National Australia Bank’s custody business has signed a data deal with Thomson Reuters.
Knights stepped into the temporary role following the resignation of former Citi exec Matt Brown in December, who left after less than a year.
Still Australia’s leading custodian by assets, NAS was put up for sale last year before the wider Australian bank recommitted to the custody business.
The firm continues to hold the largest share of the Australian custody market but has been losing ground to rivals.
Elsewhere West Australian-based super fund WA Super decided to appoint JP Morgan Investor Services as custodian of its $2.5bn investment portfolio.
Late last year NAS ended a 20-year relationship with BNY Mellon, choosing Citi as global custodian for its remaining super fund and fund manager clients.
The changing dynamics come as Australian regulators place greater demands on super funds to improve the transparency of their portfolios, which flows through to the custodian.
Watchdog APRA fund reporting requirements have gone from a few hundred data points to a few thousand and include requirements to state portfolio holdings and assess portfolio risk.
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