(pictured: Peter Hele)
NAB Asset Servicing has won the custodial services contract for specialist real estate investment manager APN Property Group for its suite of real estate securities funds, which total about $2.4 billion.
The listed APN manages both A-REITs and direct property funds on behalf of both institutional and retail investors.
Peter Hele, NAB Asset Servicing’s head of business development, 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 and our expertise with backoffice 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.”
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.”