Despite being a growing reservoir of funds under management, this critically important pool of capital is confronting mounting problems collating and disseminating key data in a timely manner.
The ratings house is pinning its growth strategy on a revamped methodology that increases the emphasis on governance to 25 per cent – a timely move considering APRA’s proposed reforms.
BNY cuts senior asset servicing role
Brian Slade, Melbourne-based managing director, asset servicing, for BNY Mellon, left the company last week after a 24-year career with the firm and its predecessor. He said he wanted to remain in the industry.
Slade established the former Bank of America securities servicing business in Sydney in 1989. Prior to that he was an auditor at Perpetual Trustees who had been seconded into its asset servicing arm (later acquired by RBC) after the 1987 crash. Bank of New York, now the largest custodian in the world, took over Bank of America’s custody business in 1995.
Slade, who relocated to Melbourne, said that his career highlights included capturing the National Australia Bank global custody business in the late 1990s. “That’s been a fantastic partnership,” he said. It was disappointing that the two firms were unable to cement their association through an equity partnership, he said.
NAB and BNY held lengthy discussions over a proposed sale of at least part of NAB’s business three years ago.
Another highlight was the formation of the Australian Custodial Services Association in 1990. Slade was that body’s inaugural chair.
