National Australia Bank (NAB) and BNY Mellon will develop a range of asset servicing products and services for Australian institutional investors under a new alliance agreement.
The pair has committed to an alliance, marrying BNY Mellon's global capacity with NAB's local expertise, building on their long-standing custody relationship and offering clients additional supports and an expanded suite of products and services.
BNY Mellon has been NAB's primary global custodian for offshore assets, while NAB has acted as primary sub-custodian for BNY Mellon's Australian and New Zealand assets.
Christine Bartlett, executive general manager of NAB's Asset Servicing business, said the alliance would allow it to support its clients' growth objectives.
BNY Mellon country executive for Australia, Danny McGrady, said the alliance was another step in the company's commitment to the Australian superannuation market.