Australian Custodial Services Association (ACSA) – the peak body for Australia’s custodial and investment administration sector – has announced Paul Cutts, Managing Director of the Northern Trust Company Australia & New Zealand as Chair, taking over the role from Bryan Gray.
“It is an honour to be elected as Chair of ACSA, especially at a time when members of the Association are being called on to support significant innovation across both local and international markets” Mr Cutts said.
Australia is a large, sophisticated and growing market for both managed and superannuation funds with increasingly complex investment programs. Changes in regulation and market practice continue to place demands on custodians to ensure they provide effective solutions for clients – typically large superannuation funds, investment managers and other institutional investors.
Mr Cutts will be joined by Pierre Jond, Managing Director of BNP Paribas Securities Services Australia & New Zealand as Deputy Chair and John Butler, Head of Client Management at HSBC Bank Australia as Treasurer.
Mr Cutts said: “Pierre, John and I are established members of the ACSA executive team, and are also supported by a board composed of experienced industry professionals.”
ACSA seeks to work closely with government, regulators and other industry participants on issues related to custody and outsourcing. Recent engagement has included submissions and discussion on the licensing of financial services providers, taxation legislation and regulatory changes affecting short selling and securities lending.
“ACSA has a total of seven industry working groups who meet regularly to discuss changes in the custody and administration industry. ACSA believes the Government will accelerate the pace of reform and we hope to be able to contribute to this process, especially in areas of investment infrastructure,” said Mr Cutts.
ACSA believes that support to implement some significant aspects of the current reform agenda will be provided by its members in areas such as global custody, fund administration and related service dimensions. Change will also need to be coordinated across market practice, and with other critical players, such as the ASX.
Mr Cutts acknowledged the contribution of the outgoing chairman, Bryan Gray of JP Morgan. “ACSA has a track record of being responsive to its stakeholders and attuned to the needs of a competitive and adaptive Australian custody and administration landscape. Bryan was instrumental in ensuring the Association moved forward with the times. His leadership, energy and experience will be missed,” he said.
“As we enter into a new phase for ACSA, I am looking forward to maintaining momentum and addressing the challenges of our ever-changing environment” Mr Cutts concluded.
