NationalCustodian Services (NCS) has just completed one of the largest transactions in the Australian custody market — the transitioning of 28 former Commonwealth Custodial Services (CCS) clients onto its system.
The move, which follows its purchase of CCS’s custody contracts earlier this year, has bolstered NCS’s assets under custody by $26 billion to $275 billion.
NCS head of sales and marketing Richard Coia confirms that around 85 per cent of former CCS clients chose to move across to NCS.
The transition of the new clients, which involved the loading of 85,000 transactions and completion of 75,000 tax lots, took close to four months to complete.
“We actually took full accounting histories for all clients and they are now receiving full financial year reporting. Every single client receives their reports electronically through NCS online,” says Coia.
He adds that NCS is now in the post-implementation review phase.
Coia says NCS is looking for opportunities to enhance the services offered to these clients.
Among the CCS clients that have moved across are the CSR Australia Superannuation Fund, Vision Super (formerly Local Authorities Super), Allianz Australia Staff Superannuation Fund, Australian Meat Industry Superannuation Trust, Brisbane City Council Superannuation Plan, Qantas Superannuation Plan, Financial Synergy’s Super Synergy Fund, Grow Super, and Australian Superannuation Savings Employment Trust (ASSET).
However, JPMorgan has been a popular alternative, having picked up the Shell Australia Superannuation Fund, Queensland Coal & Oil Shale Mining Industry Super Fund (QCOS) and Labour Union Co-operative Retirement Fund (LUCRF) as customers.
