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.
BNP taps JP Morgan for new country head
(Pictured: David Braga)
BNP Paribas Securities Services has tapped David Braga from JP Morgan as its new Australia country head, joining Ian Perkins, head of client development, to run the firm in what looks like the busiest year for custodians in Australia and New Zealand.
Braga, who is also chair of the Australian Custodial Services Association, is an operational expert and has been an enthusiastic lobbyist for the custody industry. BNP, the third largest master custodian operating in Australia (after NAB and JP Morgan), has decided on a partnership at its helm, following the departure last year of former country head Peter Baker, who now heads up Mercer Sentinel.
Braga was head of product for custody and fund services at JP Morgan. Before that he was head of technology at the old BT Funds Management, which used to have its own custody business – BT Portfolio Services – in the 1990s.
BNP’s been successful in a couple of recent tenders, most notably TWU Super and Australian Unity. But there are a lot of new ones up for grabs this year (see separate report on New Zealand’s ACC and AusCoal). The biggest still to be announced is the $40 billion VFMC tender, where incumbent NAB is being challenged by an aggressive bid from State Street.
BNP has the largest presence of any of the global custodians in New Zealand.
