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The head of NAB’s custody business will step down while its cornerstone client looks for a new service provider.

As NAB Asset Servicing ceases its operations and its book of orphaned clients come to market Citi Securities Services hopes that a new referral agreement – and its experience with RBC – will give it an edge over other providers.

“Most of the new capital that’s come into the markets… has been chasing fads,” says David Chan, portfolio manager at MLC Private Equity. “The latest hot opportunity, whether it be an unprofitable tech company that’s growing very rapidly, or a very large scale buyout that’s the headline of tomorrow’s AFR.”

Bryan Gray, a genuine stalwart of, and major contributor to, the strong position of Australia and New Zealand’s asset servicing sector, has retired. He spent 12 years at State Street followed by nearly 20 years at J.P. Morgan. Gray is the only person to have been chair of the Australian Custodial Services Association twice, in…

Ray King, the veteran asset consultant, has finished up a four-year stint at IOOF, where he had been assisting with its relatively small alternatives portfolio. He will now be concentrating on his private Sovereign Investment Research work and taking more time out for grandchildren and travel. While IOOF has let a good number of people…