In this issue

• ACSA Awards
• ACSA 2024 Priorities
• Industry Statistics
• ACSA Coffee Buddies
• ACSA Thought Leadership Series Webinar – T+1
• AUSTRAC reporting
• In Focus – Fiona O’Sullivan (State Street)
  

Welcome to 2024

In this edition of the ACSA Industry Wrap we are excited to share with you our 2023 ACSA Award winners, recognised for their outstanding commitment and industry drive at our recent March Members Event.

We also share the ACSA focus and priorities for 2024, following a strategic planning day by the ACSA Executive Board, an update on ACSA Coffee Buddies, the next webinar in the ACSA Thought Leadership Series, and a reminder of AUSTRAC reporting.

We are In Focus with Fiona O’Sullivan from State Street, and recent ACSA Award Winner

Finally, our first members events for the year was held recently, to celebrate the success of our award winners and share the ACSA focus and priorities has received a great response with over 150 people registered to attend across Sydney and Melbourne. Watch out for the photos on LinkedIn and in the next edition of the ACSA Industry Wrap.

2024 ACSA Award winners and Members event

The ACSA Awards recognise outstanding individual contribution to the Association, wider industry and key stakeholders. For 12 years these coveted Awards have showcased outstanding individuals and the value they bring to industry collaboration and focus on positive change.

The Award Winners were announced at our members event on 7 March, 2024.

The winners are:




ACSA Award – Fiona O’Sullivan, State Street

Fiona led the production of the ACSA cyber white paper, ACSA first Thought Leadership White Paper. Fiona coordinated all aspects of the paper with speakers, writers, and designers to deliver a professional and outstanding first for ACSA.




ACSA Service to Industry Award – David Knights, NAB Asset Servicing

David has provided outstanding services to ACSA and the custody industry through his 9-year involvement. Including fulfilling the roles of director, working group sponsor and Chair (for 6 years). David always put the needs of the custody industry at the centre of discussions, and was instrumental in setting up the office of the CEO for ACSA.



ACSA Service to Industry Award – Daryl Crich, BNP Paribas

Daryl has provided outstanding services to ACSA and the custody industry through his 10-year involvement. Including fulfilling the roles of director, working group sponsor and Treasurer (for over 6 years). Daryl led many initiatives to drive efficiency and change and always put the needs of the custody industry and ACSA at the forefront.





ACSA Chair Award – Nicole Ma, JP Morgan

Nicole Ma was nominated by ACSA Chair, Sally Surgeon, for her leadership of the Tax Sub-Working Group working on Certificates of Residency with the Tax Office. Nicole lead the group with support from other members of the Working Group; including prior ACSA Award winners – Duncan Lyon, Jodie Bosler and Doug McMeekin, which has resulted in new processes being tested and implemented to improve the issuance of Certificates of Residency. Whilst this is still work in progress, it is a significant achievement to date and deserves recognition.

ACSA 2024 Priorities

The ACSA Executive Board met in February to discuss the focus and priorities for ACSA in 2024. This included some insightful presentations from KPMG on market direction and regulation. The outcomes of the discussions are a renewed focus and priorities for ACSA.

ACSA Statistics - Assets under custody in Australia rise by 2% in Dec half to $4.5 trillion

ACSA stats released in February revealed a 1.9% rise in assets under custody to $4.5 trillion in the six months to 31 December 2023.

Markets demonstrated increased stability in the second half of 2023, with assets under custody in December 2023 maintaining a gradual increase from the June reporting period. Individual Custodians experienced different performance outcomes throughout the year due to increased custody asset movements within the industry (for more details visit ACSA’s website).

According to the latest ACSA data, Australian investors increased their allocation to overseas assets during the period by 5.1% to $1.6 trillion, with Australian-domiciled investments remaining stable at $2.9 trillion. Assets held in Australia on behalf of offshore investors (sub custody assets) increased by 5.6% to exceed $2 trillion.

Asset servicing providers in Australia had $5.4 trillion in assets under administration as at 31 December 2023, up 3.0%, and settled 11.6 million trades in the six-month period, an increase of 1% over the previous six months. ACSA members, on average, settled approximately 89,250 trades per day on behalf of clients.

ACSA Chief Executive Officer, David Travers said that in the past six months ACSA has maintained its momentum, driven by significant market and regulatory change.

A full copy of the statistics can be found here.

Read the media release in full here.

ACSA “Coffee Buddies”

The ACSA Next Generation Leaders Working Group ‘Coffee Buddies” program has successfully launched with over 110 participants.

The program provides:

• An opportunity to learn about other organisations within the industry and the overall custody industry, and
• Mentorship and Career opportunities,
•  and An extra friend at the next ACSA industry event

[Name] from the Next Generation Leaders Working Group said “ we are overwhelmed by the response and are delighted to see over 100 people connect and share knowledge across the industry”.

The aim of the program is to enable a way to informally connect with industry colleagues to make the custody industry a great industry to work in.

ACSA Thought Leadership Webinar Series - T+1 60 days to go live in North America and what’s happening in Australia

ACSA is excited to kick start its 2024 Thought Leadership Series with a Webinar on T+1 on 22 March 2024.

With a confirmed T+1 go live date of 28 May 2024 in the US, Canada, and Mexico, the window for preparations is closed. The implementation of T+1 is likely to have major ramifications across the industry for both buy and sell side institutions in the run up to implementation, with market participants finalising adjustments to their existing operating models and underlying technology systems.

In addition, Australia is turning its mind to T+1 and what is the impact is for our market.

With insights from Value Exchange and Citi Securities Services our next Thought Leadership webinar discusses how market participants are preparing for this significant market change and how Australia is approaching the challenge.

Our panel will discuss:

1. T+1 global themes – Value Exchange
2. Client and Market Impacts - Northern Trust
3. Australia and T+1 – Citi Securities Services.

REGISTER TO ATTEND TODAY.

AUSTRAC 2023 compliance report is now open – it’s time to get started

Your AUSTRAC compliance report for the 2023 calendar year is due by 11:59pm on 31 March 2024.

Your compliance report tells AUSTRAC important information about how you met your anti-money laundering and counter-terrorism financing (AML/CTF) obligations in 2023. This includes whether there were any changes to your AML/CTF program, who has AML/CTF governance oversight in your organisation, what AML/CTF training you offered staff, how you conducted your customer identity verification checks, and more.

Log in to AUSTRAC Online today to start or submit your compliance report.

What happens if you don’t submit the report?

There can be serious penalties for non-compliance, including failing to submit the compliance report by the due date.

AUSTRAC can take enforcement action such as issuing you with a remedial direction and/or an infringement notice.

Further information

If you can’t find the information you need about the compliance report, please email contact@austrac.gov.au or call the AUSTRAC Contact centre on 1300 021 037.

In Focus – Fiona O’Sullivan

Fiona is Marketing Manager for State Street in Asia Pacific.

Fiona brings over a decade of experience in content marketing, sales enablement and events management across London, Hong Kong and Sydney.In her current role, she leads marketing initiatives for State Street in Australia and campaigns across Asia Pacific.

Known for her ability to drive impactful campaigns and content programs, she excels in fostering a collaborative culture and demonstrating strong stakeholder management capabilities. Fiona holds a Bachelor of Business from Macquarie University.

Quick fire five

Coffee or Tea? Coffee
Tik Tock, Instagram or Facebook? Instagram
Pop, Rock or Rap? Pop
Cocktail or Wine? Wine
Summer or Winter? Summer

Can you briefly describe your role and responsibilities?
I lead marketing initiatives for State Street in Australia and run regional campaigns across Asia Pacific.
My responsibilities include developing and implementing end-to-end marketing campaigns across the region, managing content, and insights marketing.

What is the most satisfying part of your role?
I love working alongside a great group of people who are passionate, dedicated, and collaborative. Day-to-day,
I get great satisfaction from driving impactful marketing strategies and initiatives that resonate with our clients and audience across Asia Pacific. Whether it's developing thought leadership content or executing integrated marketing campaigns, seeing the tangible results of our efforts and making a meaningful impact in the industry is incredibly rewarding.

How do you motivate yourself and your team?
Establishing clear objectives and developing actionable plans to accomplish them. I thrive on embracing new
challenges and projects, seeing them as essential drivers for personal growth. Celebrating success is key not onlyfor morale, but it reinforces a culture of excellence.

What are some of the exciting places your career has taken you?
I worked in London for 3 years during the global financial crisis and then 8.5 years in Hong Kong. Both were
incredibly rewarding personally and professionally.

What advice would you give your 21-year-old self?
The greatest opportunities arise when you step outside your comfort zone. Embrace uncertainty with confidence - each challenge presents a chance for growth and discovery.

What’s excites you about the future of our Industry? (Include role of ACSA)
The rapid pace of innovation and technology and the new career paths that this will offer at all levels across our industry.