The Australian Custodial Services Association has announced several board changes while unveiling its annual award winners to members last week. The board changes follow several years of honorary work by directors on the detail of new regulations.
Hosted by Citi, the members’ dinner represented the first in a series of ACSA events for the year. ACSA no longer links with commercial bodies, such as publishers or conference producers, in their conferences in a formal manner but, rather, hosts its own specialist events.
David Knights, the ACSA chair and a general manager at NAB Asset Servicing, announced a new structure for the board and its working groups while updating members on focus areas for each group.
He said: “We are facing a period of significant operational change going forward… The custodial industry is responsible for $3 trillion of assets under custody and administration, and the work that all of our members do is important in helping our own organisation and our clients navigate this environment successfully.”
Behind the scenes, ACSA’s working groups have been working with other funds management industry bodies and the regulators on the nature of proposed changes to the industry. The association typically provides the most-informed advice, for instance, on proposed changes at the operational level.
With the changes to the ACSA board:
- Andrew Gibson, the head of direct custody and clearing at Citi and a long-time ACSA working group participant, is the replacement for Martin Carpenter, the head of Citi’s securities servicing division, who has stepped down after seven years on the board.
- Daryl Crich, from BNP Paribas, is the new treasurer, taking over from Gordon Little, an independent custody consultant.
- Daniel Cheever, from State Street, is deputy chair.
Also at the member event, five people were recognised by their peers in the 2017 ACSA Awards. They were:
- David Braga, the former chair of the association, between 2013 and 2015, who received a ‘Service to the Industry’ award. The award followed his work seen as unifying the industry around key regulatory reforms, such as APRA’s ‘Stronger Super’ reporting, OTC reporting regime, mFund settlement services and the move to T+2 for settlements.
- Scott Oakland (JP Morgan) who had been an active contributor in both the corporate actions and operations working groups for nearly 10 years. In late 2016, he took on the chair role of the operations working group.
- Mick Giddings (NAB Asset Servicing), for his contribution through his role as chair of the tax working group. He had contributed significantly to the AMIT implementation task force and had been responsible for driving multiple submissions to government on AMIT, CIVs, WHT and stapled securities.
- Vera Markovski (BNP Paribas), who was recognised for her contribution to the tax working group and to the AMIT implementation group.
- Stephen Coutts (JP Morgan), who was recognised for his work chairing the regulatory working group.
Knights said: “The awards acknowledge individuals who are recognised by their peers for their professionalism, knowledge and significant contribution to the industry. They make a real difference to the efficiency and reputation of the custody industry.”