NAB and BNY Mellon look at JV
National Australia Bank (NAB) has confirmed it is in discussions with New York-based BNY Mellon to deepen their relationship around asset servicing, including a possible joint venture.
In an announcement released to the Australian Securities Exchange today, NAB said that NAB Asset Servicing was in discussions with BNY Mellon Asset Servicing “with regard to deepening the long-standing partnership and enhancing the range of products and services available to clients”.
The announcement said that over coming months, specific elements of an expanded partnership would be explored and that the deeper partnership could take the form of a joint venture combining NAB’s offering in the Australian asset servicing market and BNY Mellon’s extensive global capability.
Commenting on the move, NAB Asset Servicing executive general manager Leigh Watson said the discussions reflected growing client demand for global capability.
AUTHOR
Mike Taylor
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
