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NAB Asset Servicing signs up to Charles River

NAB Asset Servicing has signed up to State-Street-owned Charles River Development for compliance monitoring, oversight and reporting.

NAS will use Charles River Investment Management Solution (IMS) to help institutional clients monitor a broad range of investment mandates to meet regulatory requirements.

"Accelerating digital innovation for the benefit of clients is core to NAB's strategy. We are delighted to collaborate with Charles River to provide simpler and faster data insights straight to our clients," NAB Asset Servicing executive John Comito said.

Charles River said the solution also enables greater transparency to support comprehensive compliance reporting and analysis for clients.

"Charles River continues to make significant investments in our front and middle office technology and our SaaS delivery model, giving clients faster access to the latest innovations and capabilities," Charles River managing director Asia Pacific Cameron Field said.

"The Asia Pacific region is a critical hub in global SaaS support, with the client engagement team that services NAB based in Melbourne. Our strong local presence is a key factor helping us support our clients' operating models and organisational resiliency."

NAB is the only one of the big four banks to offer custody and asset servicing. It has provided custody services since 1950 and global custody and investment administration services since 1975.

Up until June 2016, NAS was the largest custodian in Australia, when it was overtaken by J.P Morgan which has since remained in the top spot.

NAS is now the fourth-largest custodian with a 14% market share from its $530 billion in total assets under custody for Australia Investors, after being overtaken first by Northern Trust and at last count by Citigroup.

State Street is the sixth-largest with $511 billion with about 12.6% of the share of the total $4.1 trillion in total assets under custody for Australian Investors at June end, according to half-yearly stats published by Australian Custodial Services Association.

How will the custody landscape in Australia change as more superannuation funds merge - find out in our annual feature on the sector.

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