Asset manager becomes the first to go live on JP Morgan’s InvestOne platform in Australia and New Zealand.
The mandate comes as JP Morgan renews its focus on global custody after undergoing a strategic review of its securities services business in the region.
The findings highlight the sharp divide between processing fund transfers manually that require ‘wet’ signatures and using an automated system.
The decision comes after a strategic review on its securities services businesses in the region, and has instead opted to focus on its global custody product.
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.
The decision to sell the business comes as RBC I&TS shifts its Asian strategy to focus on core markets and products.
The $35 billion super fund decided to defer the move from a ‘risk management perspective’, given the extreme market volatility caused by the COVID-19 virus.
UniSuper said the decision is aimed at curtailing the amount of short selling that has been sparked by the pandemic.
By taking over RBC’s Australian client-base, Citi will become the second largest custodian in the country, behind JP Morgan.
Fund administrator to offer middle-office services for $10 billion of assets managed by investment manager.