NAB's Involvement in the Association

Introduction 

The Australian Custodial Services Association (ACSA) has played a pivotal role in shaping the custodial services landscape in Australia over the last 30 years. At the heart of its establishment and growth was NAB Asset Servicing (NAS), which provided the driving influence and leadership necessary to create and sustain the association. This historical recreation highlights the key contributions of NAS and its representatives from the inception of ACSA in 1995 until their exit from the market in 2025.

Formation and Early Years   

In 1995, the custodial services industry in Australia recognised the need for a unified body to address common challenges, set industry standards, and advocate on behalf of its members. This vision materialised with the establishment of ACSA, driven significantly by the efforts of NAS. The leadership of John Gall (ex-NAS General Manager), who served as ACSA Secretary from 1996 to 2006, was instrumental in laying the foundation for the association.

Michael Pratt, another notable figure from NAS, became the inaugural chair of ACSA, serving from 1996 to 1997. His leadership during the formative years set a precedent for the association's direction and goals. Throughout time the ACSA board also included other influential NAS representatives such as Tony O'Grady, Patrick Liddy, Peter Kempster (deputy chair), Geoff O'Callaghan (Treasurer), Ray Lester, Leigh Watson, Christine Bartlett (deputy chair) and David Knights (Chair).

Dominant Market Position and Growth   

From its early days, NAS held a dominant position in the Australian market. The company’s influence grew significantly over the years. In 1995, the custodial services industry was still in its nascent stages, with modest assets under custody. However, through strategic leadership and a commitment to excellence, NAS played a key role in the industry's expansion.

By 2024, the custody assets under management by the industry had grown to over $4.5 trillion. This staggering growth is a testament to the robust infrastructure and professional standards established and promoted by NAS and ACSA. NAS’s market dominance was characterised by client focused solutions, comprehensive services, and a deep understanding of the evolving needs of institutional investors.

Key NAB Contributors

NAS's commitment to ACSA was unwavering, and its representatives continued to play crucial roles in the association's development. John Treloar and John Gall were recognised as the driving forces behind NAS’s involvement in ACSA’s formation. Their vision and dedication were critical in establishing the association’s credibility and influence within the industry.

David Knights, who served as Chair of ACSA for six years (2015-2021) and spent over nine years on the board, was a particularly noteworthy contributor to ACSA’s market position and engagement. His outstanding leadership and contributions were pivotal in navigating the association through various industry challenges and ensuring its continued relevance and impact.

ACSA Awards List

Each year ACSA issues awards for contribution to the industry. 
The ACSA Awards affirm the industry’s desire to recognise outstanding individual contribution. Several members of the NAS team have been recipients of the awards including:

- Mick Giddings (2012 & 2016)
- John Leahy 2013)
- Darryll Rogers (2014)
- Suresh Chinnappa (2017)
- Adam Taxakis (2021)
- Doug McMeekin (2022)
- David Knights (2024)

Legacy and Recognition

NAS’s influence on ACSA extended over nearly three decades. From the setup of ACSA in 1995 to their decision to exit from the market as the last Australian-based custodian in 2025, NAS remained an active and committed contributor. Their departure marked the end of an era, but their legacy within ACSA and the broader custodial services industry remains indelible.
NAS has also been a key training ground for the custody industry in Australia, with many former NAS colleagues now working across asset owners, asset managers and other custodians in the industry.

Conclusion

The story of ACSA is deeply intertwined with the contributions of NAS and its dedicated representatives. The foundation laid by leaders such as John Gall, Michael Pratt, and David Knights, among others, ensured that ACSA grew into a robust and influential body. NAS’s early dominant market position and the growth of custody assets to over $4.5 trillion by 2024 are testaments to their strategic contribution and leadership. As we reflect on the journey from 1995 to 2024, the exceptional commitment and leadership of NAS stand out as key drivers of ACSA's success and enduring legacy in the custodial services industry.