Opening up early access to super for housing would have a negative effect on the balances of even those members that don’t dig into their savings, with funds forced to adopt more conservative investment strategies and hold more liquid assets.
The circa $88 billion industry fund for workers in health and community services reckons that alleviating the affordable housing crisis will boost its other investments by easing the cost of living and inflation.
NAB custody move signals expansion
NAB Asset Servicing has upped its sales effort with the appointment of long-time NAB executive Peter Hele to the new role of head of business development, Australia/New Zealand.
The announcement, last week, signals an increased effort in New Zealand, especially, where BNP Paribas has a dominant position in terms of numbers of clients, and in leveraging the capabilities of Bank of New York Mellon in the region.
Christine Bartlett, NAB Asset Servicing executive general manager, said: “Peter’s main focus will be to enhance engagement with consultants, as well as regular communication to the market about the business. Peter will also leverage the broader NAB and Bank of New York Mellon relationship to bring value to new business clients. Peter will continue to develop the NAB Asset Servicing proposition in New Zealand.”
New Zealand is an interesting market, which a lot of Australians tend to think of as too small to worry about. It’s small, that’s true, but it’s sophisticated and has add-on benefits. For instance, Northern Trust’s appointment by NZ Super as its custodian led to a significant expansion throughout Australasia.
Hele led the drive to expand the NAB Asset Servicing offering into the New Zealand market alongside the bank’s local partner, MMC. He starts his new role today, January 20. He reports to Suzanne Smith, the executive general manager for sales and relationships.
