National Australia Bank and BNY Mellon are to offer additional support to customers of both firms, as well as the opportunity to introduce an expanded suite of products and services.
For almost 20 years the two firms have shared a custody relationship, whereby BNY Mellon is NAB’s primary global custodian for offshore assets and NAB is BNY Mellon’s primary sub-custodian for Australian and New Zealand assets.
Christine Bartlett, executive general manager of NAB’s asset servicing business, said the new alliance encompassed the broad range of asset servicing capabilities that both organisations bring to market.
Danny McGrady, country executive for Australia at BNY Mellon, said this alliance demonstrated BNY Mellon’s long term commitment to the Australian market.
“Australia has long been an important market for BNY Mellon’s asset management and investment services businesses, largely a reflection of the continuing growth in superannuation savings. This alliance with NAB is another step in our long term commitment to Australian investors and enhances our position with the institutional market.”
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