February 02, 2011

NAB's Asset Servicing Division Launches Product Initiatives with BNY Mellon


SYDNEY, 2 February 2011 – BNY Mellon, the global leader in asset management and securities servicing, has announced today that it has extended its partnership with National Australia Bank ("NAB"), deepening the range of solutions available to its superannuation and fund manager clients to include private equity administration and related middle office services.

"Transparency and risk management are firmly at the top of the agenda for Australian financial institutions," said Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing. "This is fueling demand for middle office-related services, such as sophisticated reporting, risk analyses and monitoring solutions, which enhance transparency and mitigate operational risk.

"By marrying our solutions, we're ideally placed to work closely with these institutions, facilitating the flow of data that informs their investment decisions and assists them in addressing today's evolving regulatory requirements. Australia is a key growth market for our company and NAB has been a strong partner for 14 years. We look forward to continuing to work with them in serving the needs of Australian clients."

Leigh Watson, Executive General Manager Asset Servicing at NAB, said: "The expansion will enable NAB to provide customers with access to global product and capability, whilst retaining a strong local presence. We felt that expanding our existing global custody partnership would result in the most tangible benefits for our customers. As our customers' investment strategies evolve, we have the flexibility to assess the solutions they need and deliver world class local and global products tailored to their needs."

Watson commented that the continued increase in superannuation assets in Australia, and further injections from the Cooper recommendations to increase the Superannuation Guarantee rate from 9% to 12%, has resulted in a continued higher allocation to unlisted assets such as private equity.

"We therefore need to deliver competitive product and service capability to our customers that can support these assets," he said. "BNY Mellon is a global leader in middle-office outsourcing and we're pleased to be working with them on this capability for our Australian customers."

BNY Mellon has been active in Australia for more than 30 years, delivering a variety of asset management, payment, trustee, depositary receipt, clearing and global custody services to Australian banks, institutional investors, listed corporations and broker-dealers. The company has offices in Sydney, Rosebery NSW and Melbourne.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.