NAB/MMc alliance wins New Zealand mandate

National Australia Bank (NAB) Asset Servicing has won a custody and fund administration mandate with New Zealand Guardian Trust (NZGT).

The contract is the first to be signed in New Zealand following NAB Asset Servicing's alliance with specialist fund administration provider MMc Limited (MMc).

MMc managing director Robert Moss said the contract was an "important milestone in our strategic alliance".

"We are delighted to have been successful with NAB in securing the outsourcing of the back-office services of New Zealand Guardian Trust - an iconic brand in the New Zealand financial services industry," Moss said.

NAB Asset Servicing managing director for product and strategic alliances Peter Hele said NAB had a strong relationship with NZGT's Australian parent, The Trust Company.

"[This] is in line with our strategy of supporting our clients in the region … Our complementary service proposition with MMc was able to meet all of NZGT's requirements and, importantly, their commercial aspects too," Hele said.

The Trust Company Group general manager for Group Operations, Michael Jeffs, said NZGT looked forward to working with NAB and building on the "strong foundations" that had been built in Australia.

NZGT has more than NZ$4.6 billion in assets under administration on behalf of its clients, and over NZ$63 billion under supervision as part of its corporate trustee services for the issue of securities.