Telstra Super signs on to NAB/BNY Mellon alliance
NAB Asset Servicing and BNY Mellon have put their recently announced alliance into action following BNY Mellon's appointment to administer the private equity holdings of Telstra Super — a NAB client.
BNY Mellon will also provide exposure and risk reporting on the portfolio of securities.
NAB and BNY Mellon joined forces earlier in the year to enable clients access to a broader suite of services and products. It formalised a custody arrangement which had lasted two decades.
Christine Bartlett, executive general manager of NAB's Asset Servicing business, said the partnership was built on the basis of giving its Australian and New Zealand clients the opportunity to achieve growth ambitions.
"Telstra Super, a valued client of ours, is now benefiting from the expertise and experience that BNY Mellon has in handling private equity positions — and this is a great outcome," she said.
Michael Chan, Asia-Pacific head of BNY Mellon's Asset Servicing business, said the firm's private equity administration services was an effective differentiator for it globally and now amongst institutions in Australia.
"Superannuation funds continue to be challenged by growing regulatory demands and are turning to their custodian to service the array of complex new funds, structures and strategies being introduced," he said.
BNY Mellon manages private equity within a portfolio of $600 billion in alternative assets under administration or custody.
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