City Super, the superannuation fund for current and former employees of Brisbane City Council, has appointed J.P. Morgan Treasury & Securities Services (TSS) as custodian and administration provider.
Bryan Gray, head of Treasury & Securities Services Sales and Client Management at J.P. Morgan, says the new $1.5 billion mandate further strengthened J.P. Morgans position in the investment and administration sector.
Although custody and administration is increasingly becoming a scale driven business, clients are continually seeking tailored solutions, Gray says. As a provider, we are constantly looking for ways to meet these needs and believe this was a determining factor in winning the mandate.
City Super has already announced it will merge with an existing client of J.P. Morgan, Local Government Super (LG Super), on June 30 this year. Once the two funds are merged, J.P. Morgan says it intends to optimize the custody and administration process of the funds.
We are currently in discussions with LG Super and City Super to find ways to optimize the custody and administration offering, Gray says. We are committed to ensuring our services are the best possible fit for the new fund including providing tax propagation, currency overlay and securities lending services.
J.P. Morgan Treasury & Security Services recently hired more than 100 additional employees in Australia and New Zealand.