National Australia Bank's (NAB) $540-billion custody business, NAB Asset Servicing (NAS), has adopted GBST taxation analysis and accounting software to help its clients better estimate the impact of tax on their investments.
The software allows clients to manage the after-tax outcomes of their Australian equity investments on a pre-trade basis.
The Cooper review and subsequent reforms of the superannuation legislation have placed a greater emphasis on the responsibility of super fund trustees to manage after-tax outcomes for their members.
"Superannuation funds have been looking to their custodians for solutions that will support them and their investment managers to better manage, monitor and measure the tax implications of their investments," NAS product and strategic alliances managing director Peter Hele said.
"GBST's Tax Analyser tool will do just that from a pre-trade basis, and coupled with NAB's existing after-tax performance measurement offering, we are now able to provide clients with superior tax awareness capabilities."
The alliance between the two companies ensured GBST and NAS could exchange client information quickly, GBST head of quant division Kathy Taylor-Hoffman said.
"Our alliance with NAB means we can put in place processes to facilitate the secure transmission of client data to GBST in order for Tax Analyser to operate in a seamless manner, as close as possible to real time, for the benefit of our clients and their investment managers," Taylor-Hoffman said.
