National Australia Bank (NAB) and BNY Mellon will develop a range of asset servicing products and services for Australian institutional investors under a new alliance agreement.
The pair has committed to an alliance, marrying BNY Mellon's global capacity with NAB's local expertise, building on their long-standing custody relationship and offering clients additional supports and an expanded suite of products and services.
BNY Mellon has been NAB's primary global custodian for offshore assets, while NAB has acted as primary sub-custodian for BNY Mellon's Australian and New Zealand assets.
Christine Bartlett, executive general manager of NAB's Asset Servicing business, said the alliance would allow it to support its clients' growth objectives.
BNY Mellon country executive for Australia, Danny McGrady, said the alliance was another step in the company's commitment to the Australian superannuation market.
The $75 billion fund has gained exposure to decarbonisation solutions in its first listed equities impact investment.
The superannuation fund is expanding its investment exposure to industrial property through a $1 billion partnership with Barings, a global investment manager.
AustralianSuper has usurped the Future Fund as the biggest Australian asset owner, jumping from 43rd to 36th place globally, according to an annual study by the Thinking Ahead Institute.
IFM Investors, the global institutional asset manager owned by superannuation funds, has signed a memorandum of understanding with the UK government to invest £10 billion by 2027.
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