Clearstream is expanding its global investment fund services reach by acquiring the managed fund administration business of National Australia Bank (NAB).
The acquisition of the business marks Clearstream’s first venture into the Australian funds market, as it looks to grow its presence in the Asia-Pacific region.
The transaction for NAB’s Ausmaq business is expected to be completed in the second half of the year, subject to regulatory approval.
“Ausmaq is a perfect fit for Clearstream’s strategy in the Asia-Pacific region. As an established provider of fund processing solutions, the acquisition allows us to broaden our fund service offering in Australia and to provide our international customers with integrated solutions for the domestic market,” said Bernard Tancre, head of investment fund services, Clearstream.
Australia ranks as the number one fund market in Asia-Pacific, and number four globally in assets under management (AuM) currently valued at €2 trillion.
Clearstream stated international players active in the Australian market have looked to the central securities depository (CSD) to provide the same infrastructure service that it providers internationally to its clients and to handle the link from the Australian funds market back to the global markets.
Clearstream will expand on the existing services available to Ausmaq customers to also provide Australian custodian banks, wrap platforms and wealth managers with access to its fully-automated global funds processing platform, Vestima.
“We’re thrilled to be joining an organisation of Clearstream’s calibre – a recognised global leader in post-trade services. Our clients can expect to receive the same exemplary service that they’ve become accustomed to over the years, with increases in the service offering to be introduced over time,” added Ravi Subramaniam, CEO, Ausmaq.
The acquisition is the latest bold move for Clearstream’s fund services business, after it completed the integration of London-based funds platform, Swisscanto Funds Centre (SFCL), earlier this month.