NAB Asset Servicing aligns with MMc in New Zealand
National Australia Bank’s Asset Servicing business has signed a memorandum of understanding to form a strategic alliance with MMc Limited in New Zealand.
MMc is a specialist funds and investment administration business. The strategic alliance allows NAB Asset Servicing to offer fund administration services in the New Zealand market to complement its existing custody service offering, according to NAB.
“The MMc alliance allows us to support our Australian clients with New Zealand operations as well as grow an additional base of clients in the New Zealand market,” said NAB Asset Servicing general manager capability delivery Carl Spurling.
“The introduction of KiwiSaver a few years ago has seen an increase in demand for financial services for both the funds management and retirement funds industries in New Zealand,” he said.
In 2011, MMc provided outsourced investment services to 25 clients for funds under management of NZ$4.4 billion.
According to managing director of MMc Robert Moss, the relationship with NAB Asset Servicing strengthens MMc’s capability to provide the full range of investment administration services to New Zealand investment managers and wealth management organisations.
AUTHOR
Keith Griffiths
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