JP Morgan has been re-appointed the custodian for Australian Super fund TelstraSuper for another five years, as the bank cements its status as the largest asset servicer in Australia.
The re-appointment follows an evaluation of the market carried out by TelstraSuper of which custodian would be best placed to meet the AUS$21 billion fund’s increasing strategic demands.
“JP Morgan’s emphasis on delivering a consistent data model and focus on service delivery were driving factors in their reappointment,” said Miles Mallick, head of investment operations, TelstraSuper.
The US bank has established itself as the largest custodian in Australia, servicing around AUS$866.7 billion in assets as of the end of 2019, according to statistics from the Australian Custodial Services Association (ACSA).
In addition to TelstraSuper, its clients include some of Australia’s largest asset owners including AustralianSuper, the country’s largest super fund with AUS$185 billion in assets, and the AUS$55 billion super fund HESTA.
“We have a long and successful partnership and look forward to further developing this relationship over the next five years,” said Nadia Schiavon, head of securities services, Australia and New Zealand, JP Morgan.
“JP Morgan understands the significance of delivering scale and efficiencies to our clients through global integration, which ultimately delivers value for their members.”