BNY Mellon to provide fund admin to Telstra Super in Australia
25 September 2013
Category: News, Asia, Australia, New Zealand
By Asia Asset Management
BNY Mellon, through the company’s partnership with National Australia Bank (NAB), has been selected by Telstra Super to provide fund administration support services to the company’s private equity holdings, as well as providing exposure and risk reporting on this portfolio of securities.
Telstra Super, Australia’s largest corporate super fund, is an existing client of NAB. BNY Mellon has been selected through the company’s marketing alliance with NAB – announced in June 2013 – which was established to further strengthen the relationship between NAB and BNY Mellon by expanding the range of asset servicing products and services available to clients of NAB in Australia and New Zealand. Telstra Super is the first major client to benefit from the terms of this alliance with respect to their private equity positions.
“Superannuation funds continue to be challenged by growing regulatory demands and are turning to their custodian to service the array of complex new funds, structures and strategies being introduced," said Michael Chan, Asia-Pacific head of BNY Mellon’s asset servicing business. “Our ability to provide a full range of private equity administration solutions to our clients has proven an effective differentiator for us around the world and we are thrilled that through our alliance with NAB, we are now able to offer these solutions to institutions in Australia.”
Christine Bartlett, executive general manager of NAB’s Asset Servicing business said: “This mandate is a great example of NAB and BNY Mellon’s alliance in action. The premise of this alliance is to support our clients in Australia and New Zealand to achieve their growth ambitions. Telstra Super, a valued client of ours, is now benefiting from the expertise and experience that BNY Mellon has in handling private equity positions and this is a great outcome.”