The Australian custody and administration sector hit $2 trillion at the close of 2012, the Australian Custodial Services Association (ACSA) has announced.
ACSA research found that assets under custody for Australian investors grew by 8.7 per cent to $2.03 trillion in the second half of 2012, with investors turning back towards equity in the improving market.
“The latest ACSA statistic show positive broader market sentiment and strong growth across the board in the custody and administration community,” ACSA chair Pierre Jond said.
“The current data and industry feeling is that we will see sustained growth in 2013, rather than a temporary rebound.”
The research found that non-Australian assets under custody for Australian investors increased by 14.5 per cent, showing stronger growth than Australian assets under custody, which only grew by 6.7 per cent.
Australian assets under custody for foreign investors also grew by 13.5 per cent, which ACSA have said showed a strong demand for custody and administration services on a global scale.
Total local assets held under custody increased by 6.7 per cent over the past six months.
NAB Asset Servicing, J.P Morgan and BNP Paribas were the leading holders of Australian assets under custody, while J.P Morgan and Northern Trust remain the largest custodians of non-Australian assets for Australian investors.
