National streets ahead
The final movement of funds from the Queensland Investment Corporation (QIC) has jettisoned the National to the top of the master custodian tables ahead of State Street.
The final movement of funds from the Queensland Investment Corporation (QIC) has jettisoned the National to the top of the master custodian tables ahead of State Street.
The latest Intech master custodian survey shows the final transition of $14 billion from QIC to the National earlier this year brings its funds under custody to $93.2 billion, more than $20 bil-lion clear of State Street, its nearest rival.
State Street also lost $5.5 billion in the first three months of the year, after five superannuation funds were transferred to the Commonwealth. The loss of the clients puts State Street less than 2 per cent up on its total of $71 billion at this time last year.
Chase Manhattan continues to be hold top spot on funds under custody on behalf of super funds with $40 billion under custody, only marginally up on the same time last year.
The Australian master custody market grew about 7.1 per cent ($20 billion) in the first three months of the year, with assets under custody now totalling nearly $300 billion.
The total market grew 26.3 per cent ($62.5 billion) in the year to March 31. The main benefici-aries of the growth were the National ($33 billion), AMPIA ($8.8 billion) and Commonwealth ($7 billion).
Master custody market
Custodian Clients Total Assets Market
$ billion share (%)
1. National 40 93 31
2. State Street 48 72 24
3. Chase 29 59 20
4. Permanent 22 20 7
5. AMP 23 16 5
6. Commonwealth 19 16 5
BT 28 12 4
Total 231 $300
Source: InTech Asset Consulting
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
