J.P. Morgan Worldwide Securities Services (WSS) will offer direct custody services in Ireland, following an announcement at Sibos in October that it essentially would reenter the sub-custody business it exited some years ago.
WSS is expected to add more markets to its roster soon, as Nick Rudenstine, global head of custody at J.P. Morgan, told Global Custodian in October that the list of markets in which the custodian would set up domestic businesses would be finalized by the end of this year. Other than Ireland, J.P. Morgan has not yet confirmed which other markets it will enter.
Our entry into the Irish direct custody market demonstrates our commitment to offering local services to clients and to supporting our international growth plans for the business, says Rowena Romulo, head of direct custody & clearing at WSS. We continue to provide clients with a consistent and integrated custody solution that extends J.P Morgans expertise and disciplined risk management solution to the local marketplace.
J.P. Morgan already operates local businesses in a number of markets, including Australia, India, New Zealand, Taiwan, Russia, UK and US, with on-the-ground coverage for clearing, settlement, custody and asset servicing.
The move also follows the completion of the migration to WSS of the direct and master custody clients from ANZ Custodian Services, which boosted J.P. Morgans custody business in the Australian and New Zealand marketplace.