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.
NAS wins best sub-custodian award
National Australia Bank Asset Servicing (NAS) has won the top award for the ‘Best Sub-Custodian Bank in Australia’ from Global Finance magazine in New York. The award’s judges assessed “reliably providing the best services in local markets and regions”. They did so for custodian banks in about 80 countries across seven regions.
The decision, announced on June 10 (Australian time), involved the assessment by Global Finance’s editorial board, as well as market research, input from other sources and entry information from the custodians. It was the 18th annual sub-custody awards covering the world’s major providers.
The judges said the criteria included customer relations, quality of service, competitive pricing, smooth handling of exception items, technology platforms, post-settlement operations, business continuity plans and knowledge of local regulations and practices. They said they also garnered information from the sub-custodians’ customers.
Sub-custody is arguably the most important and least rewarding, financially, of the three pillars of custody. The pillars are: sub (or domestic) custody, global and master custody (‘master custody’ being the combination of both sub and global custody with an extensive reporting service).
The largest sub-custodian operating in Australia is HSBC.
– G.B.
