Australia’s custody market is still dominated by NAB Asset Servicing as the largest holder of investor assets, however new research has found other companies are slowly catching up.
A recent review of Australia’s custodial and administration sector by the Australian Custodial Services Association (ACSA) has found NAB Asset Servicing has remained the “largest overall player” in the custody market.
ACSA reported NAB Asset Servicing, as of 31 December 2014, currently holds a total of $692 billion, up 2.8 per cent since June.
JP Morgan came in second to NAB, holding a total of $478.58 billion and also growing 3.2 per cent over the same period.
BNP Paribas ($325.92), Citigroup ($270.98) and State Street ($211.71) also came in the top five custody holders respectively. All experienced a growth in their assets under custody, excluding State Street which dropped half a per cent.
“The top five custodians manage 77 per cent of assets under custody, with the remaining share of assets under custody held by Northern Trust, HSBC Bank, Bond Street, RBC Investor Services, BNY Mellon and Netwealth,” a statement from ACSA said.
ACSA also reported that in the six months to 31 December 2014, the total assets under custody for Australian investors grew five per cent to $2.58 trillion.
Of that amount ACSA found $1.79 trillion was in Australian assets while the remaining $791 billion was in foreign assets.
“JP Morgan remains the largest custodian of non-Australian assets for Australian investors ($243.26 billion, up 4.7 per cent),” the statement said.
“[This is] followed by Citigroup ($107.58 billion, up 1.4 per cent), State Street ($105.09 billion, down 1.4 per cent) and NAB Asset Servicing ($105 billion, up 19.3 per cent).”
Asset managers are set to experience rough tides in the next few years, with the US and Europe to adopt quantitative tightening, according t...
Global credit investment manager Bentham Asset Management has added the Bentham Asset Backed Securities Fund to the ASX mFund Settlement Ser...
A dedicated renewable energy fund has raised over $150 million to bring its fund size to $540 million. ...