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Our History

History of the Australian Custodial Services Association (ACSA)

Founding Years 

The Australian Custodial Services Association (ACSA) was established in 1995 as an industry body to promote collaboration, innovation, and best practice standards within the custodial services sector. Its formation came during a time of significant evolution in Australia’s financial landscape, driven by globalisation, market change and increasing regulatory demands. The official constitution of ACSA was signed by ANZ Nominees (ANZ), AMP Custodial Services (AMP) , HSBC Australia, National Australia Bank (NAB), and Perpetual Trustee Company (Perpetual). These founding members sought to create a unified platform that would address the complexities of custodial services, including asset servicing, regulatory compliance, and technological advancements.

The founding executives, including Michael Pratt (NAB) as Chair, Laurence Bailey (Chase) as Deputy Chair, and Carol Drew (AMP) as Treasurer supported by Daryl Cramer (ANZ) Brian Slade (BoNY) and Ann Forbes (Perpetual). They played pivotal roles in shaping the organisation’s initial goals alongside John Gall (Ex-General Manager, NAB) who facilitated the ACSA agenda. Their leadership focused on fostering a collaborative environment among custodians, industry participants, and regulatory bodies. These efforts were critical in establishing ACSA as a trusted voice within the financial industry. The organisation’s early work involved drafting guidelines, setting operational standards, and advocating for the needs of custodial service providers.


 

Creating Industry Presence

The subsequent decades saw ACSA grow in influence and scope, with its leadership comprising representatives from major custodial institutions. This period was marked by significant achievements in standardisation, advocacy, and technological integration.

  • 1997-2000:1 The late 1990s were characterised by the leadership of individuals such as Laurence Bailey (Chase), Daryl Cramer (ANZ), Ann Forbes (Perpetual), Brian Slade (BoNY), Gary Angel (Westpac) and Tony O’Grady (NAB). These leaders worked diligently to establish ACSA’s reputation as an authority on custodial services. Key initiatives during this period included the development of best practices for asset servicing and efforts to enhance operational transparency. The organisation also began hosting industry forums, providing a platform for members to discuss emerging challenges and opportunities.

  • 2001-2010: The early 2000s marked a period of consolidation and growth for ACSA. Under the leadership of figures like Graeme Arnott and Bryan Gray(JP Morgan), David Travers (State Street), Barry Dench (Westpac), Brian Slade (BoNY), Gail Burke and Jean Marq Pasquett (BNP), Graham Putt (RBC), Geoff O’Callaghan (ANZ), Rob Brown (AUSMAQ) and Michael Massingham (Citibank), the association expanded its focus to include technological adoption and regulatory compliance. This era saw the introduction of electronic reporting standards and the promotion of secure data management practices. ACSA also played a crucial role in helping its members navigate the aftermath of the global financial crisis, advocating for regulatory reforms that balanced transparency with operational efficiency.

  • During this period Chase merged with JP Morgan, BNP Paribas Securities Services acquired Cogent (AMP Custodian Services), Royal Bank of Canada (RBC) acquired Perpetual Fund Services, HSBC acquired Westpac Nominees and JP Morgan acquired ANZ Nominees

  • 2011-2015: By the 2010s, ACSA had firmly established itself as a cornerstone of the custodial services sector. Leaders such as Paul Cutts and Rohan Singh (Northern Trust), Peirre Jond and Daryl Crich (BNP), Christine Bartlett and David Knights (NAB), Paul Khoury and Daniel Cheever (State Street), Martin Carpenter (Citi), John Butler and Andrew Bastow (HSBC) and Gordon Little (RBC) emphasised the importance of global partnerships, recognising the interconnected nature of modern financial markets. During this period, ACSA launched initiatives aimed at fostering cross-border collaboration, enabling its members to stay competitive in an increasingly globalised industry. The association also prioritised member engagement, offering training programs, workshops, and networking events to support professional development.

  • John Gall facilitated the ACSA agenda until his retirement in 2006 with IFSA running the ACSA company secretariate until 2016.

    • Growth and Development

    The leadership of ACSA in recent years reflects the organisation’s commitment to consult on new regulation, advocate positive change and to identify opportunities for improved efficiency, automation, risk reduction, standard market practice and industry engagement. Each leader has brought unique perspectives and expertise, driving the association’s mission forward.

  • 2016-2019: During this period, David Knights (NAB), Marian Azer (JP Morgan and RBC), Daryl Crich (BNP), Craig Twentymen (JP Morgan), Andrew Gibson (Citi), Daniel Cheever (State Street), Peter Snodgrass (HSBC), Madeline Senior and Sally Surgeon (Northen Trust) took on leadership roles, emphasising the importance of digital transformation and sustainable practices. Under their guidance, ACSA launched initiatives focused on integrating environmental, social, and governance (ESG) considerations into custodial operations. These efforts aligned with broader industry trends, positioning ACSA as a leader in sustainability.

  • 2020-2023: The global COVID-19 pandemic presented unprecedented challenges for the financial industry. Leaders like Sally Surgeon (Northern Trust), David Knights (NAB), Sinclair Scholfield (State Street and HSBC), Daryl Crich (BNP), Jennifer Saunders (State Street), Harpreet Ahuja (HSBC), Ravi Subramanium (Clearstream), Sean Gardiner and Matthew Chuck (JP Morgan) and Andrew Gibson (Citi) rose to the occasion, steering ACSA through a period of uncertainty. Their focus on resilience, diversity, and inclusion helped the organisation adapt to new realities. ACSA’s efforts during this time included the introduction of remote work best practices, virtual member engagement initiatives, and resources to support mental health and well-being. ACSA also introduced the ACSA Thought Leadership Program to drive industry education and engagement.

  • 2024-2025: As the custodial services sector continues to evolve under the chair, Sally Surgeon (Nortern Trust), ACSA’s current leadership of Jennifer Saunders (State Street), Sinclair Scholfield and Janelle McCoy (HSBC), Ben Sung (Clearstream), Philippe Kerdoncuff (BNP) and Chris Moore (Citi) is charting a bold course for the future. Key priorities include leveraging artificial intelligence and machine learning to enhance operational efficiency, exploring the potential of digital assets and fostering greater collaboration. In addition to the ACSA Thought Leadership Program, ACSA has introduced the ACSA Members Development Program to support member personal development.

  • Through this period industry and market challenge, ACSA’s secretariat was led by Adrian Young in 2016, Rob Brown was the inaugural CEO from 2017-2021 and David Travers is the current CEO facilitating the ACSA Agenda.

    • Notable Achievements

    Over the years, ACSA has made numerous contributions to the custodial services sector. Its achievements can be categorised into several key areas:

    1. Advancing Industry Standards: From its inception, ACSA has been at the forefront of establishing best practices for custodial services. These standards have helped ensure consistency and reliability across the industry, benefiting both service providers and their clients.

    2. Advocacy and Policy Influence: ACSA has been an active advocate for its members, engaging with policymakers to shape regulatory frameworks that support the growth and stability of the custodial sector. Its input has been instrumental in crafting regulations that address issues such as risk management, data security, and asset protection.

    3. Technological Integration: Recognising the transformative potential of technology, ACSA has championed the adoption of digital tools and platforms. Initiatives such as electronic reporting standards and blockchain-based asset tracking have positioned its members at the cutting edge of innovation.

    4. Member Engagement and Education: ACSA’s commitment to its members is evident in its extensive range of training programs, workshops, and conferences. These events provide valuable opportunities for knowledge sharing and professional development, ensuring that members remain well-equipped to navigate industry challenges.

    Key Contributors

    The below companies have been key contributors to ACSA over the last 30 years. Click a logo to learn more about each company and the contribution they have made - and continue to make - to ACSA.                     

    BNP Paribas
    Citi
    Clearstream
    HSBC
    JP Morgan
    NAB
    Northern Trust
    State Street

    Conclusion

    The Australian Custodial Services Association has evolved into the leading advocate for investment operations and custody. Its consistent focus on leadership, advocacy, and innovation has ensured its pivotal role in shaping the future of custodial services. With a legacy of achievement and a commitment to progress, ACSA is well-positioned to navigate the challenges and opportunities that lie ahead, driving the custodial services sector toward a brighter future.