NAB looks at options on custody business
National Australia Bank (NAB) has announced to the Australian Securities Exchange (ASX) that it is "in the process of undertaking discussions with a number of global custody providers regarding potential options for the future operation of the NAB Asset Servicing business".
The announcement said the bank was constantly assessing ways in which it could improve its offering to customers and that, for example, "our current offering incorporates both global and local custody providers to deliver world-class products and services".
It said that it expected any changes to its operating model would be in line with group strategy to be the leading bank for superannuation and ageing "with asset servicing customers remaining important to the group".
"We will continue to explore potential arrangements over coming months , however the details of any discussions are commercially confidential," the ASX announcement said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
