Nearly every Australian has super, but its settings don’t work for every Australian, according to the First Nations Foundation, which is advocating for changes around estate planning and the preservation age to make the system fairer.
Betting against acts of God is a great way to make money, but institutional allocations to natural catastrophe reinsurance have stayed relatively static even as some managers are generating double-digit uncorrelated returns.
Citi talk doesn’t harm NAB’s new client deals
Matt Brown
NAB Asset Servicing has been retained by two big super fund clients after reviews of their custody arrangements. NAB has re-won both the $5 billion Maritime Super and the $8 billion MTAA Super in recent weeks.
The latest custody reviews come off the back of a frenetic period for custodians which has seen hundreds of millions of dollars worth of contracts change hands between the major providers over the past 12 months.
The reappointments by Maritime and MTAA are significant because they come after it was revealed last month that NAB was negotiating to change its global custodian partner from BNY Mellon to Citi. Clients are likely to take the transition in their stride and see the move as a positive, rather than negative, for their asset servicing arrangements.
Matt Brown, executive general manager of NAB Asset Servicing, said the Maritime Super reappointment was further validation of the consistency and quality of services NAB provided “as well as our broader strategic objective to further develop our franchise-wide relationships”.
Peter Robertson, chief executive of Maritime Super, said NAB had been a committed partner with the fund, supporting it through its mergers, the implementation of new product initiatives and in the development of “industry-leading solutions”.
“NAB Asset Servicing has a strong understanding of the Australian regulatory frameworks, but it is their local expertise and deep understanding of our fund and its objectives, which makes them the right custodian for our fund and members”, he said.
The MTAA reappointment has not yet been announced.
