Mason Stevens renews custodian

The managed accounts provider has extended the relationship with its custodian as it continues to build its business.

NAB Asset Servicing will handle Mason Stevens's custody needs for the next five years.

The eight-year-old managed accounts provider started to expand its offerings of separately managed accounts and fixed income with two major appointments last year.

Commenting on the custodian renewal announced today, Mason Stevens chief operating officer and executive director Ron Erdos said NAB is a trusted partner to the firm.

"NAB's business partnerships and custodial abilities across the asset classes will continue to support us in meeting our strategic objective of continuing to offer clients a true universe of global investments, administered efficiently under a well-disciplined governance framework," Erdos said.

NAB Asset Servicing executive general manager John Comito said Mason Stevens was using other services from the NAB enterprise, not just custody, to build out its business.

The nearly-70 year-old custodian held $552 billion in assets under custody for Australian investors as at December 2017.

This makes NAB Asset Servicing the second largest custodian in Australia, after the biggest custodian J.P. Morgan, which holds $779 billion in custody assets.

Read more: Mason StevensNAB Asset ServicingAustraliaJ.P. MorganJohn ComitoRon Erdos
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