The decision to invest further into NAB Asset Servicing follows a series of talks with numerous global custody providers to "identify the best future” for the business.
The new services will include advanced performance reporting, a new registry system, a new client portal, and an agency securities lending program.
NAB Asset Servicing executive general manager Christine Bartlett said the decision “reinforces" NAB’s position as the “largest provider of custodial services” in Australia.
NAB group executive of product and markets Anthony Cahill said the eight-month process reinforced the idea that its customers value the bank's custody services.
“We look forward to continuing to work closely with our partners in delivering for our asset servicing customers,” Mr Cahill said.
The bank said it will also continue its global custody partnership with Bank of New York (BNY) Mellon to provide customers with a “comprehensive range” of investment services and “innovative technologies”.
BNY Mellon Asia-Pacific chairman Steve Lackey welcomed the announcement and said he looked forward to “furthering the productive and long-standing partnership”.
“For 19 years we have partnered with NAB to provide the products, technology and thought leadership customers need in the world of asset servicing, and we look forward to building on this trusted and proven relationship in the years ahead,” Mr Lackey said.
