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NAB backs up for new State Street compliance service
NAB Asset Servicing has decided to replace its outsourced compliance monitoring and reporting system, MIG 21, which was an offering by State Street Global Exchange, with another State Street-owned service.
The shift follows the decision by State Street to discontinue the MIG 21 post-trade monitoring system following its purchase of Charles River in 2018, as part of its drive to cover a full range of third-party services from backoffice, to middle and front office.
John Comito, executive, asset servicing, at NAB, said the custody group conducted a full market scan and procurement process to select the new platform, which best suited the client base. Charles River was successful in this process and we are pleased to provide this platform to our clients, through a seamless transition from MIG 21, he said.
“Importantly, this is a cloud-based service that continues to be supported by [NAS] expertise on the ground in Melbourne to provide investment rules configuration and deliver daily reporting services to our clients.”
Cameron Field, Charles River’s managing director, Asia Pacific, said: “Charles River continues to make significant investments in our front and middle-office technology and our SaaS (software as a service) delivery model, giving clients faster access to the latest innovations and capabilities.”
– G.B.
