Milford’s Private Portfolio Advice Service Custody and Security
For Milford Asset Management clients who utilise the Milford Private Portfolio Advice Service, their portfolio assets are held by an independent custodian to ensure security.
Milford has retained Investment Custodial Services Limited (ICSL), a fully owned subsidiary of the ASB Bank, to provide custodial services for all the assets held by the Private Portfolio Advice Service clients of Milford. All assets are held beneficially in the client’s name.
All payments and receipts of monies are made between the client and ICSL. Milford does not handle client monies at any time.
The custodial system provides clients with the highest level of security. ICSL acts as a custodian and portfolio administrator within the ASB Bank structure, with its sole function to hold assets on behalf of Milford Private Portfolio Advice Service clients and clients of other major financial institutions.
The ASB Bank, which is 100% owned by the Commonwealth Bank of Australia (CBA), is rated AA- by Standard & Poor’s. CBA is one of the five largest listed companies in Australia.