Industry superannuation fund HOSTPLUS has re-appointed JPMorgan Chase Bank, N.A. as its master custodian following a custodian review.
As master custodian, JPMorgan will monitor and report on the performance of all the investment managers selected by HOSTPLUS.
JPMorgan was selected from a short list of two custodians, which included BNP Paribas.
“HOSTPLUS is delighted to continue its long-standing relationship with JPMorgan, one which dates back 6 years,” HOSTPLUS Chief Executive Officer David Elia said.
“HOSTPLUS adopts a best of breed approach and we review key business partner services on a frequent basis to ensure that we maintain or exceed industry standards. We believe that the partnership with JPMorgan will deliver significant benefits to the Fund and its members,” he said.
“In this arrangement, JPMorgan will give HOSTPLUS access to “MAX on-line” – a service which involves on-line production of a full and enhanced suite of performance reporting including accounting, taxation and investment performance. The details within the investment performance component will be used to augment our current website information providing savvier investors with more detailed and timely content on our 20 investment options” he said.
JPMorgan Regional Business Executive, Asia Pacific, Mr Laurence Bailey said JP Morgan Chase was extremely pleased to retain the role of master custodian for another term.
“We are proud of our association with HOSTPLUS and the industry superannuation sector as a whole. HOSTPLUS is a major industry superannuation fund, committed to providing a comprehensive service to its members and JPMorgan is pleased it is able to assist in making this possible.”