Home / NAB backs up for new State Street compliance service

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.

    Investor Strategy News




    Print Article

    Related
    Perpetual hands front office to State Street’s Charles River

    Perpetual will use Charles River Development’s Investment Management Solution for its front-office operations as it prepares for an “evolving investment management landscape”.

    Lachlan Maddock | 27th Mar 2024 | More
    How Trump’s (potential) second innings could kickstart inflation

    A second Trump presidency would see a new era of American economic protectionism, according to Allspring, sending inflation higher and global growth lower. And that’s without factoring in potential threats from China and Iran.

    Staff Writer | 27th Mar 2024 | More
    Why there’s more to all-time highs than just hype

    It’s not just FOMO. Truly innovative business models are helping push stocks higher, says Capital Group, and for some of them there’s a lot more growth to come.

    Lachlan Maddock | 27th Mar 2024 | More
    Popular