Is NAB Asset Services still a good career option?
There have been plenty of articles of late providing updates on the custodian market, highlighting increased competition from international players (Northern Trust, BNP and others), largely taking market share from NAB (the last domestic custodian).
As a specialist recruiter with 12 years of experience in the Melbourne Financial Services market, I have often wondered where the industry would be if it was not for NAB Asset Services (NAS). NAS has also being known as National Custodian Services (NCS), NAB Custody or the Red Star during its incarnation.
NAS was the first client I started recruiting for back in 2004 (called NCS back then) and it was and still is one of the largest Financial Services employers in Melbourne. So many people got their first career opportunity at NAS. Or in some cases, it was the only place people could get an opportunity; such are the constraints of the Melbourne Financial Services market at times.
NAS offers many and varied positions providing an opportunity to develop industry experience which builds a solid career platform which many have launched from.
Positions include: Investment and Tax Accounting, Valuations and Pricing (exposure to countless investment instruments across all asset classes), Trade Settlements, Reconciliations, Payments, Corporate Actions, Unit Pricing, Investment Mandate Compliance, Performance, Risk and Attribution Analysis, Business, Data and Systems Analysts, Project Management, Relationship and Business Development Managers…. I think I have covered most areas.
Some of the best candidates I have ever worked have come from NAS and its often those that have spent their formative years progressing through the company which makes their skills in demand. There wouldn’t be one Superannuation Fund, Custodian or large Fund Manager in Melbourne that hasn’t benefited from hiring experienced candidates from NAS. In fact, where would the Industry be if it didn’t have the talent pool at NAS to draw from?
“…where would the Industry be if it didn’t have the talent pool at NAS to draw from?”
NAS has provided opportunities for 1000’s of bright, studious and capable professionals. Some have remained but many have left, keen to make their mark elsewhere (transition into Funds Management, Superannuation, Asset Consulting, moved to London, move internally and are often head hunted by recruiters (myself included – disclaimer NAS are no longer a client).
NAB Asset Services currently employs over 600 people and is the still the largest Custodian in the Australian Market. It is the only domestic bank poised to benefit from the significant growth in Australia’s superannuation industry but it needs to invest in order to service the complex requirements of funds. Competition in the Australian Custodian market will remain intense. Careers in custody and in particular with NAS are still a worthwhile career option.
“Competition in the Australian custodian market will remain intense. Careers in custody and in particular with NAS are still a worthwhile career option.”
Do you have any positive stories to share about your career experience at NAS? We would love to hear about it!
Cheers
Matt
Matt McGilton – Director
Kaizen Recruitment combines invaluable industry experience with specialist recruiting services. Turn to Kaizen when you need assistance with recruitment in financial services. Please call +61 3 9095 7157 or submit an online form.
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