The falling Australian dollar and rising global equity markets have driven strong growth for non-Australian assets under custody for Australian investors, with the assets rising by 10.2 per cent to just over $600 billion, ACSA found.
Australian assets under custody for Australian investors also rose strongly by 5.5 per cent to $1.56 trillion.
The rise of Australian assets under custody for foreign clients (sub custody) was, however, limited, reflecting the slowing commodity boom and historically low interest rates.
NAB Asset Servicing retained its spot as the largest Australian custodial service, with a total of $556 billion and with its assets rising by 2.2 per cent over the past six months. JP Morgan came in second, with a 5 per cent rise in its assets, up to $394 billion, followed by BNP Paribas, up by 5.7 per cent to $313 billion.
Citigroup reached 10 per cent market share, with a 21 per cent increase in total assets under custody to $213 billion. Bond Street also saw high asset growth, with a 31 per cent increase to $63.7 billion.
