NAB Asset Servicing expands NZ client base
National Australia Bank's Asset Servicing has leveraged its partnership with MMc to win a second New Zealand custody contract.
The deal with Suncorp Group New Zealand comes after NAB's custody and fund administration mandate with New Zealand Guardian Trust in November last year.
NAB Asset Servicing managing director for product and strategic alliances Peter Hele said MMc reengineered the back office for Suncorp New Zealand, while NAB provided a domestic and global custody solution.
Managing director for MMc Robert Moss said the alliance with NAB was an important initiative in the New Zealand administration market and would allow the country's opportunities to be realised.
"This relationship strengthens our capability to provide a full range of investment administration services to New Zealand's investment managers," he said.
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