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NAB Asset Servicing to wind down business

Asset ServicingThe last domestic asset servicer operating in Australia is to close down, highlighting the challenge faced by home-grown players competing with global custodians.

NAB Asset Servicing (NAS) announced that it would wind down its operations over the next two to three years.

It is unclear what arrangements will have to be made by the firm’s existing clients, although NAS chief executive John Comito has acknowledged the disruption that will face clients.

“The decision to wind down the NAB Asset Servicing business has not been taken lightly,” stated Comito “We recognise the appointment of a new custodian is a very important decision.”

He added that the winding down of the business would likely take three years and the firm will offer support to staff in that time as well as promising a “seamless transition to new specialist providers that have global reach and meet our clients’ long-term needs”.


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