A key architect of the compulsory retirement savings system lauds its many achievements, stretching from the national economy to the individual. Where it’s double faulting is in serving members – and it needs to be addressed promptly.
With performance and diversification driving demand, these funds are expected to experience four-fold global growth over the next decade to nearly $AU65 trillion.
NAB’s David Knights the new ACSA chair
(David Knights)
David Braga, who recently became the Australia and New Zealand chief executive of BNP Paribas Securities Services, has stood down as chair of the Australian Custodial Services Association, to be replaced by NAB Asset Servicing’s David Knights.
Knights is the general manager of client delivery at NAB, who took the spot at ACSA occupied by his former boss, Christine Bartlett, who retired from full-time executive roles earlier this year. This spot is what is known as “executive sponsor” of the communications working group – meaning both committee chair and ACSA board member.
Braga became ACSA chair, an honorary position which involves a lot of executive time, in 2013 after Pierre Jond, a former head of BNP Paribas SS in Australia, returned to France. Jond was replaced by Peter Baker at BNP, who late last year took up the role heading up Mercer Sentinel in Australia and New Zealand.
ACSA has also announced that Martin Carpenter, the head of Citi’s securities services and markets division, is stepping up to the deputy chair role.
Securities servicing is going through an unprecedented level of change, including structural shifts and new business opportunities, at the moment. Industry participants are busier than ever with their day jobs. Also, regulatory change requiring ACSA input is not yet complete.
