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Perennial widens outsourcing deal with NAB
Perennial Value has substantially upgraded its securities services contract with NAB Asset Servicing, while reappointing the custodian following a review. The deal also reflects a growing trend for securities services firms to provide outsourced middle-office services.
The manager believes it will get a “capability uplift” through the new arrangement, as well as greater operational efficiencies. Key new services to be provided by NAB are unit registry and call centre and digital customer interfaces. NAB uses OneVue for its unit registry services.
Anthony Patterson, long-time executive director at Perennial Value, which manages about $4.5 billion, said that the arrangement allowed many operating settings to be streamlined as well as the improved capabilities.
He said: “NAB Asset Servicing [NAS] has been a key business partner for over a decade. Their commitment to service delivery excellence and their proactive approach to sharing insights and knowledge have supported our focus on investing… We are very pleased to recommit to this long-term partnership.”
John Comito, NAS executive general manager, said: “We are very excited to demonstrate the team’s extensive operating model expertise within our client centric solutions framework. Our learning culture underpins our approach in working with our clients, to ensure that they are supported in enhancing their business. In particular, full service Unit Registry solutions are being delivered across our client base.”
Perennial Value was formed in 2000 by John Murray as a joint venture between several senior investment professionals.
– G.B.
