Custody approaches $2.8 trillion
The Australian custodial and administration sector grew by 7.7 per cent in the first six months to 30 June 2015 and has reached $2.78 trillion, according to new data.
The Australian Custodial Services Association (ACSA) found the top five custodians manage 78 per cent of assets under custody, with Northern Trust as the fastest grower at 20.7 per cent.
NAB Asset Servicing remains the largest overall player with $702 billion under custody, followed by JP Morgan ($557.52 billion), BNP Paribas (344.1 billion), Citigroup ($318.39 billion), and Northern Trust ($239 billion).
ACSA chair, David Knights, said: "There are now close to $2.8 trillion worth of assets under custody in Australia, compared to $1.6 trillion on the ASX, which means ACSA's members are looking after assets worth around 176 per cent more than the market value of the ASX".
"This growth in unlisted and alternative assets creates new challenges in terms of how we classify and hold assets such as syndicated loans," he said.
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
