ACSA names David Braga as new chair

The Australian Custodial Services Association (ACSA) has named J.P. Morgan Investor Services managing director David Braga as chair. He takes on the role from BNP Paribas managing director Pierre Jond, who will return to France. 

Braga has been a member of ACSA's executive committee since 2011 and since 2012 executive sponsor of the Association's regulatory and compliance working group and its Stronger Super Taskforce. 

In this role he has represented ACSA's position in regards to legislative change impacting custodians and their clients to the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulatory Authority (APRA) and various government bodies. 

ACSA has recently consulted with APRA on the implementation of MySuper and with ASIC on the implications of RG 133 'Managed investments: Scheme property arrangements'. It has been working with the ASX on solutions to clearing and settlement processes. 

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The role of ACSA deputy chair will also change, with National Australia Bank executive general manager - asset servicing, Christine Bartlett, taking over from State Street Investor Services chief investment officer Paul Khoury. 

Khoury steps down following two years as deputy chair and five years as an ACSA executive. 

ACSA stated that the local market had continued to become more sophisticated and competitive. ACSA research shows total assets under custody for Australian investors grew by 6.7 per cent to $2.16 trillion to 30 June 2013.