The alliance allows NAB Asset Servicing to offer fund administration services in the New Zealand market to complement its existing custody service offering in the country. To date, NAB provides services to some 300 domestic and international institutions covering various types of securities. MMc has been operating in New Zealand since 2004 and as of 30 June 2011 provided outsourced investment services to 25 clients, including around 140 investment funds, for funds under management of NZ$4.4 billion ($3.3 billion). 

The initiative come following the appointment of Peter Hele as product and strategic alliances managing director in August. Hele was previously the managing director for NAB's client relationships division.