CUSTODY

RBC secures billion-dollar custody appointment in Australia

RBC Investor & Treasury Services will provide custodian and administration services to Australian based UFS.

By Paul Walsh paul.walsh@strategic-i.com  March 08, 2017 2:00 PM GMT
RBC investor & Treasury Services (RBC I&TS)-part of Royal Bank of Canada- has been selected by Uniting Financial Services (UFS) as its custodian and administrator.

Based in Australia, UFS is the treasury and investment services arm of the Uniting Church in Australia and currently holds over $1.25 billion of funds under management.

“The investments that RBC I&TS is making in its technology and product offering reinforced our confidence in them as our service provider of choice,” said Warren Bird, executive director of UFS.

“Its status as one of the strongest banks in the world with the highest credit rating of all the global custody providers operating in Australia was also an important factor in our selection.”

The move expands on RBC I&TS’ presence in Australia having provided custodial services to clients in the region for over 15 years.

“We are committed to supporting our clients through our integrated offering and our operational capability,” said David Travers, managing director for Australia at RBC I&TS.

“We continue to invest in our technology and our coverage capabilities in order to provide clients such as Uniting Financial Services with outstanding service to support their growth in Australia.”

RBC I&TS’s selection by UFS comes following the appointment of Rosemarie Kriesel from BNY Mellon as managing director for global client coverage, based in Hong Kong, towards the end of 2016.