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.
The sovereign wealth fund grew $11.5 billion in the March quarter, according to its latest portfolio update, having previously voiced caution about inflation’s downward trajectory.
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
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