In this Issue

• Market update – ASX Cash Equities Clearing and Settlement Pricing Policy and superannuation insights
  
• Regulatory Update – AUSTRAC Consultation on AML/CTF rules
  
• Members Update –ACSA Member Development Program, ACSA Thought Leadership Program and Elevating Women’s Voices Program
  
• Global Perspective – Economies of digitisation in asset management and an Aussie takes the helm at ISSA
  
• Upcoming Events
  
• Industry Insights
  
• Member Profile – Thompson Reuters
  
• In Focus – Sarah Reynolds
  

Introduction

Welcome to the May 2025 edition of the ACSA Industry Wrap. In this edition we update you on the ASX Clearing and Settlement Pricing Policy and insights into superannuation.

This issue also shares some interesting global content on the economies of digitisation in asset management and AUSTRAC’s consultation on AML/CTF rules, plus details of our ACSA’s member development and thought leadership programs.

This month we are In Focus with Sarah Reynolds from Northern Trust and our member profile is Thomson Reuters.

Market Update

ASX Cash Equities Clearing and Settlement Pricing Policy

ASX has published its Response to Feedback on the Cash Equities Clearing, Settlement and Issuer Services Pricing Policy Consultation Paper which was published on 16 September 2024.

ASX’s new Pricing Policy is designed to ensure that the revenue we expect to receive from cash equity clearing and settlement services, and issuer services, reflects the efficient costs of providing those services, including a return on investment commensurate with the commercial risks involved.

The published paper summarises the feedback received, provides responses with further supporting information, sets out a clear and transparent process and timeline for the remaining steps in finalising the Pricing Policy and related ancillary documentation.

To find out more follow the link here.

APRA Superannuation Statistics

The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication report for the March 2025 quarter.

Total superannuation assets declined by 0.8 per cent over the quarter to $4.1 trillion as at March 2025, of which $2.9 trillion was in APRA-regulated funds.

Total contributions increased by 14.4 per cent to $202.8 billion in the year ending in March 2025. Of this, employer contributions increased by 10.3 per cent over the year to $147.1 billion. Member contributions increased by 26.9 per cent over the year to $55.7 billion.

Full details are available on APRA’s website at: Quarterly superannuation statistics.

KPMG Australian superannuation industry insights and analysis

KPMG recently released its superannuation insights and market analysis using APRA data including fees, industry flows and expenditure, plus Chant West investment performance figures.

As of 30 June 2024, total assets in the superannuation system have grown from $3.5 trillion to $3.9 trillion, largely due to another strong year in investment returns. However, the market conditions post 30 June 2024 have been volatile, and there have been fluctuations in monthly returns over the course of FY25 to date. The global economic headwinds and the impact of economic policies, such as tariffs, have significantly affected both global and domestic equity markets, resulting in less favourable returns for Australian superannuation funds. This year has also seen intense regulatory scrutiny.

To find out more follow this link to the KPMG report.

Join the discussion.

If you’re interested in joining in ACSA’s discussions and response to market initiatives and industry consultations, please connect to us at admin@acsa.com.au.

Regulatory Update

AUSTRAC AML/CTF Rules Consultation

In late 2024 AUSTRAC consulted on new draft Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules).

AUSTRAC is now providing an updated exposure draft for a second round of public consultation.

AUSTRAC encourages industry association and reporting entities to submit a response via the AUSTRAC Rules consultation page on our website. The earlier you submit a response, the sooner we can commence working on any further adjustments.

What has changed

The updated draft AML/CTF Rules include the topics in the first exposure draft with updates to address feedback.

This includes updates to:

• allow delayed initial customer due diligence in a wider range of circumstances.
  
• provide greater flexibility in determining the lead entity of reporting groups
  
• provide more detail on how to form reporting groups
  
• clarify definitions relevant to value transfer and travel rule requirements
  
• where possible, address challenges businesses may have implementing or complying with the AML/CTF Rules.

The second exposure draft of the AML/CTF Rules also contains new requirements on:

• reportable details for threshold transaction reports and suspicious matter reports
• information required for enrolment and registration applications.

AUSTRAC has also released a separate exposure draft that sets out amendments to current rules-based exemptions that will be retained, called the AML/CTF Rules (Class exemptions and other matters) 2007.

The consultation responses are due by 27 June 2025. You can read more about the consultation here.


Join the discussion.                      

If you’re interested in joining in ACSA’s discussions and response to market initiatives and industry consultations, please connect to us at admin@acsa.com.au.

Members Update

ACSA Member Development Program

ACSA’s Member Development Program continues on June 13 with a focus on concise communications.

When people get stressed, they often ramble. This then affects not only their confidence, but also their personal and professional brand. When they know how to prepare short, concise statements using impromptu speaking techniques, they’re able to get their point across easily and professionally. These leaders are then more likely to influence those around them. Use core and advanced techniques to answer difficult questions and you’ll never be afraid of looking or sounding incompetent. Finally learn a ninja technique to answer any difficult question and you’ll feel confident speaking to any group in any context.

The program continues in July and the theme will centre around questioning techniques, equipping you with skills to dig into what people value most and are looking for in their engagement with you.

You can join the June session here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events. You can access all the events at the ACSA events page.

20 June 2025

“PwC Global Wealth and Asset Manager Survey”
PwC shares feedback from their Asset and Wealth Management Survey of asset managers and institutional investors will showcase how disruptive technologies are reshaping investor expectations, expanding the frontiers of innovation, and unlocking new, untapped markets.

18 July 2025
“CPS230 -Where to now”
A panel discussion on APRA CPS230 Operational Risk Management Prudential Standard covering the current regulatory requirements, including risk management frameworks, contingency planning, international experiences, and the necessity for continuous audits and assessments.
If you have any suggestions for topics please email admins@acsa.com.au .


2025 Elevating Women’s Voices Program – Underway

It was great to see so many ACSA members sponsoring the Elevating Women’s Voices Program in 2025 and a growing cohort of participants and mentors.

The Alternative Investment Management Association (AIMA), 100 Women in Finance (100WF), CFA and Australian Custodial Services Association (ACSA), recently launched the Elevating Women’s Voices Program for 2025 and look forward to the contribution of the participants to the industry on the successful completion of the program.

The program closing event in late June. If you’re interested in attending the closing event follow the links below.

TO REGISTER CLICK HERE FOR MELBOURNE JUNE 25th 5pm

To REGISTER CLICK HERE FOR SYDNEY JUNE 26th 5pm

If you’re interested in finding out more, please connect with ACSA here.

Join the discussion. 

If you’re interested in joining in ACSA’s member engagement initiatives and industry consultation, please connect to us at admin@acsa.com.au.

Global Perspective

Decoding the Economics of Tokenisation: Transforming Cost Dynamics in Asset Management

The economics of asset management are shifting. Calastone recently released a white paper providing in-depth analysis of fund operating costs and how tokenisation can reshape financial dynamics across the industry. The paper breaks down the true cost structure of an average fund, the projected rise in expenses, and the potential for tokenisation to drive efficiency and profitability.

Key findings include:

• Fund operating costs currently stand at 0.74% of AUM and are set to increase by 32% over the next three years
  
• Tokenisation can cut fund operating costs by 23%, delivering savings of 0.13% of AUM
  
• Industry-wide, these efficiencies could generate $135bn in cost reductions
  
• Time to launch a new fund is expected to drop from 12 weeks to 9 weeks, with a 24% decrease in seed funding requirements
  
• Lower costs allow for more competitive fee structures, driving AUM growth and market expansion
  

The paper presents a data-driven view of how asset managers can integrate tokenisation into their strategy to unlock long-term value and navigate an evolving financial landscape.

Read more about Calsatone’s perspective here.

An Aussie takes the helm at ISSA.

Colin Parry has retired from the International Securities Services Association (ISSA) after leading the organisation for the past 6 years. ISSA has announced that Julia McKenny will be taking up the role.


I am sure many of you will know Julia from her time working in the Australian custody industry. Julia has both a Bachelor of Education from Sydney University and a Bachelor of Laws from Newcastle University (Australia).

Julia started her custody career at JP Morgan in November 2004 before joining Northern Trust as General Counsel Asia Pacific leaving there in 2012 and joining State Street. She lefty State Street to join Standard Chartered in Singapore in 2013 and remained in Singapore until joining TMF Group in London and the Channel Islands in 2019. Julia then joined Accenture in 2021 and has remained at Accenture, with a brief interlude in Morgan Stanley, since. Julia is a regular contributor to Global Custodian and other Securities Services publications.

ACSA looks forward to continuing the positive engagement with ISSA with Julia in charge and thank Colin for his support and engagement.

Find out more about ISSA and Julia McKenny in the latest ISSA newsletter.

Key Events

• 13 June 2025 - ACSA Member Development Series: Building leadership through communication – Concise Communication
• 20 June 2025 - ACSA Thought Leadership Program - PwC Global Wealth and Asset Manager Survey
• 11 July 2025 - ACSA Member Development Program – Topic 4 Dissect: Questions 
• 18 July 2025 - ACSA Thought Leadership Program – CPS230: Where to now?
  
  

Head to our events page to find out more and register.

Insights and Updates

• February 2025 - ACSA response to ASIC on Consultation Paper 381 - Updates to INFO 225: Digital assets, financial products and services

Business Profile –Thomson Reuters

Thomson Reuters is a global leader in delivering intelligent information and technology solutions to professionals in legal, tax, accounting, and financial sectors. Our Corporates division supports financial institutions and superannuation funds with advanced tools to manage regulatory complexity, ensure compliance, and boost operational efficiency. We combine deep industry expertise with innovative platforms to help clients stay ahead in a rapidly evolving landscape.

Thomson Reuters recently joined ACSA as an Associate member, what are the benefits of being a
member?

Thomson Reuters is proud to partner with the Australian Custodial Services Association (ACSA) as an Associate Member, engaging directly with industry superfunds and custodians in the financial services sector. Through our involvement in ACSA’s Tax Working Group, we contribute thought leadership and insights on key challenges including regulatory complexity, risk management, governance, and ongoing tax compliance. This collaboration reinforces our commitment to supporting the superannuation industry with expert guidance and innovative tax
technology solutions.

Tell us about your business’s involvement in asset servicing / financial services? What is your primary focus?

Thomson Reuters provides advanced tax technology solutions for financial services, focusing on mid-to-large investment fund managers, custodians, superannuation fund administrators, and superannuation funds. Our ONESOURCE Trusts (Managed Funds) and ONESOURCE Superannuation platforms streamline tax planning, compliance, and reporting by managing high volumes of financial data with precision. These solutions support digital transformation initiatives, including mergers, by embedding tax governance into broader financial strategies.
With tools that enhance data accuracy, transparency, and proactive risk management, Thomson Reuters helps organisations meet complex regulatory requirements and improve operational efficiency in the evolving superannuation landscape.

What industry challenges do you help to solve?

Thomson Reuters' ONESOURCE is the industry's most powerful corporate tax technology platform, designed to meet the complex compliance and reporting needs of mid-to-large investment fund managers, custodians, and superannuation funds. With comprehensive tools and seamless data integration, ONESOURCE streamlines tax planning and compliance processes, reducing errors and ensuring data integrity. By leveraging Thomson Reuters' expertise and staying up-to-date with legislative changes, ONESOURCE provides a trusted and reliable solution for managing complex tax obligations. Whether you're a fund manager, custodian, or superannuation fund administrator, ONESOURCE is your partner for every step of your tax, accounting, and finance journey, empowering you to make informed decisions and drive global compliance and reporting excellence.

Our ONESOURCE Trusts and Superannuation solution optimises and streamlines tax distribution calculations, superfund tax preparation, planning and compliance requirements. ONESOURCE Indirect Tax Compliance (OITC) is a web-based solution enabling automated data upload capabilities to ensure data integrity from numerous data sources. The built-in exception reports facilitate in-depth tax analysis and customised management reporting to stay up to date with the GST position. It automates the BAS preparation process and provides the ability to lodge the GST returns with the ATO electronically. HighQ for Corporates, is a data management workflow solution helping legal, tax and finance teams with overview of the various groups to manage their processes including obligations and distribution management.

What excites you about the future of the asset serving/custody industry?

Thomson Reuters actively contributes in providing professionals across the legal, tax, audit and accounting industries with the latest cutting-edge tools they need to thrive and add value to their organisations, Our ONESOURCE software solutions, the industry’s most powerful corporate tax technology platform, drives global compliance, reporting, and accounting decision making around the world. ONESOURCE is a purpose-built solution there for every step of your journey, helping to serve the complete needs of each stakeholder in superannuation tax compliance needs. We are excited to be thought leaders in this space and look forward to servicing the tax compliance and governance requirements of industry superannuation funds.

In Focus -Sarah Reynolds

Sarah is a Relationship Manager for Northern Trust based in Sydney.

Sarah has over 20 years’ experience in the Banking and Financial Services sector working with institutional clients in Australia and the UK. Prior to joining Northern Trust in 2021, Sarah worked for a decade at Westpac Institutional Bank in Account Management and Customer Experience and previously worked for Northern Trust in London as a Senior Account Manager.

Sarah is committed to Diversity, Equity and Inclusion and is the Chair of Northern Trust Australia’s Working Families Business Resource Council.

Quick fire five
Coffee or Tea? Coffee
TikTok, Instagram or Facebook? Insta
Pop, Rock or Rap? Pop
Cocktail or Wine? Cocktail
Summer or Winter? Summer

Can you briefly describe your role and responsibilities?
I am a Relationship Manager, responsible for client relationships in Northern Trust’s Asset Servicing division. My role is to understand my client’s business objectives and strategic priorities to ensure that our business understands these so we can meet the client’s long term needs.

What is the most satisfying part of your role?
I love my job as it allows me to develop strong and authentic relationships with clients, partners (this is what NT call employees) and industry members. There is nothing more satisfying than being able to turn a challenging relationship into a positive and productive one.

How do you motivate yourself and your team?
Success for NT and the client go hand in hand. I like put myself in the client’s shoes and encourage NT partners to keep asking questions until they get to the “why”. Answering a client question is easy but if you don’t understand the “why” the questions will return and often multiply!

What are some of the exciting places your career has taken you?
When working in London I had clients in Sweden, Norway, Switzerland & The Netherlands. I always enjoyed the chance to travel to see my clients face to face – especially in an exotic location!

What advice would you give your 21-year-old self?

• Be authentic – you will be more happy and successful in all aspects of life when you are true to yourself.
• Drive your own career – don’t wait for opportunities to come to you.
  
• Take accountability – everyone makes mistakes; owning up to them quickly shows integrity and builds trust.
  
• Step out of your comfort zone – you will learn so much more when you challenge yourself.

What’s excites you about the future of our Industry? (Include role of ACSA)
Technology has played a large part in the evolution of the industry over my career and will continue to, but people will always be our strength. I am proud that we have an increasing acceptance of diversity, and look forward to that continuing so we have an industry that celebrates all differences. Seeing increased visibility and representation of women through initiatives like Elevating Women’s Voices, which is supported by ACSA, shows the Industry is genuinely committed to tackling gender diversity.