MLC brings MasterKey custody in-house
Steve Tucker
The National Australia Bank’s (NAB) custodial arm, National Custodial Services (NCS), has replaced State Street Australia as the organisation responsible for the custody and administration functions for the MLC MasterKey platform.
MLC chief executive Steve Tucker explained: “With a custody services provider located within the NAB Group, it made sense for us to leverage this internal capability.
“NCS is the largest domestic custodian and has established a strong reputation for quality service, and we are looking forward to working with them to meet the needs of our customers,” he added.
Transitioning to the new custodial arrangement is likely to be finalised over the coming months, with due diligence on the move currently underway.
The decision to bring the custody and administration services for MasterKey in-house has ended MLC’s 21-year relationship with State Street.
“We have received excellent service from State Street over the years and wish the business continued success in the future,” Tucker said.
The above decision only affects the operations of the MLC MasterKey platform, meaning the Royal Bank of Canada will continue to provide the custodial facilities for the MasterKey Custom platform.
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