JP Morgan has attained a new custody and investment administration mandate for Genworth, a leading lenders mortgage insurer in Australia.
The US bank will provide custody and investment services to Genworth’s AUD$3.5 billion investment portfolio.
Genworth stated JP Morgan’s capabilities in meeting data needs, its information management expertise and global technology platforms made it a strong partner for the company.
“We are confident that JP Morgan’s global capabilities, technology infrastructure and locally-based client support will ensure it is a strong partner for our business and will meet our requirements and objectives,” said Luke Oxenham, chief financial officer, Genworth Australia.
JP Morgan is the largest provider in the Australian custody market with over $640 billion in assets under custody for Australian investors, according to the latest statistics from the Australian Custodial Services Association (ACSA).
Accounting for 14% of the bank’s global USD$22.1 trillion assets under custody, JP Morgan plans to strategically target the insurance sector as it looks to rival the top two global custodians.
“Our continued investment in the needs of our insurer clients also ensures we are able to address changing regulatory requirements,” added Bryan Gray, head of sales and client management, investor services, JP Morgan Australia and New Zealand.
“JP Morgan’s access to a diverse range of products across the breadth of our business, including OTC derivatives and collateral management services, securities lending services, extensive markets coverage and execution services, and industry intellectual capital, ensures we are well-positioned to service Genworth’s immediate and future needs.”