We do not handle our clients’ money at any time. Milford has retained Investment Custodial Services Limited (ICSL) to provide custodial services for all the assets held by Private Wealth clients of Milford. All payments and receipts of monies are made between the client and ICSL, and all assets are held beneficially in the client’s name, not Milford’s.
ICSL is a wholly owned subsidiary of ASB Bank, which is itself wholly owned by the Commonwealth Bank of Australia (CBA); CBA is one of the five largest companies in Australia and ASB Bank is rated AA- by Standard and Poor’s. This custodial structure provides clients with a very high level of security.