The sale for NAB’s custody and asset servicing business has come to an end – not with a prospective buyer, but with an announcement from the company that it is going to “leverage key partnerships and invest in technology to further cement its position as Australia’s leading custodial services provider.”
Favourites Northern Trust and State Street pulled out of discussions about a potential acquisition with industry talk focused on a closer relationship with BNY Mellon, as reported in ISN on September 14. see here
Last week’s announcement confirmed the existing BNY Mellon arrangement. “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.”
But nothing was provided on the financial details or whether or not BNY Mellon has made any financial contribution to further that arrangement.
NAB Asset Servicing, which is still the largest in the country, has a total of 170 clients and over $600 billion fund under administration.
The business has had a long and illustrious history in Australia, which we covered in detail when the sale was announced to the stock exchanged mid-year