A year after its takeover of NSP Buck, the US-based Mellon Financial Corporation appears poised to make large strides in the Australian market with plans to re-brand NSP Buck and move into asset management.
It has also made two senior appointments to ensure that it has the right people (see p41).
In addition to re-branding NSP Buck to the Mellon name later this year, Mellon is expected to separately launch its asset management arm, Mellon Global Investments, in Australia. Globally, this operation has funds of US$588 billion under management through its stake in 16 asset managers, including companies like The Dreyfus Corporation, UK-based Newton Investment Management, Franklin, The Boston Company and Standish Mellon.
NSP Buck marketing manager Craig Keath says Mellon already manages more than $4.3 billion on behalf of local investors through these international managers. If the assets managed by Pareto Partners, in which Mellon has a 30 per cent stake, are included, the figure jumps to $7.2 billion.
With Mellon Global Investments listed as a sponsor of the Conference of Major Superannuation Funds, the speculation is that it will be launched before, or when the conference kicks off, on March 24.
Keath says Mellon worked on integrating NSP Buck into its ranks last year to ensure it had the right people in place and was in line with Mellon’s standards. It also aimed to encourage staff to embrace the Mellon culture.
He says the group expects to show strong growth in the Australian administration and consulting market.
