BNY Mellon profits off of NAB alliance 24 September 2013Sydney Reporter: Georgina Lavers
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BNY Mellon has capitalised on its new alliance with National Australia Bank, assuming responsibility for administration of the private equity holdings for Telstra Super, a NAB customer.
NAB and BNY Mellon recently strengthened their relationship to deliver an expanded range of asset servicing products and services to Australian customers. The basis of the new alliance reaffirmed NAB’s and BNY Mellon’s long standing custody relationship that dates back almost 20 years.
BNY Mellon has now assumed responsibility for the administration of Telstra Super's private equity holdings, as well as providing exposure and risk reporting on this portfolio of securities.
Michael Chan, Asia-Pacific head of BNY Mellon’s asset servicing business, said: “Superannuation funds continue to be challenged by growing regulatory demands and are turning to their custodian to service the array of complex new funds, structures and strategies being introduced.”
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