J.P. Morgan will act as custodian for a further 26 funds as part of its custodial relationship with asset manager Franklin Templeton.
The custody partnership between Franklin Templeton and J.P. Morgan in Australia now encompasses $8.5 billion in assets under management.
The 26 funds have been onboarded onto J.P. Morgan's global fund accounting platform InvestOne providing Franklin Templeton with access to J.P. Morgan's workflow technology. The platform provides oversight and governance tools which aim to reinforce accuracy and controls.
"Our global platform and industry leading capabilities are underpinned by support teams in multiple jurisdictions, ensuring our clients receive a comprehensive service offering," J.P. Morgan head of platform sales Nick Paparo said.
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"J.P. Morgan is uniquely positioned to support global asset managers in the Australian market, and we are delighted to expand our partnership with Franklin Templeton."
J.P. Morgan is rolling out InvestOne through a multi-year program designed to provide enhanced, globally consistent technology and reporting capabilities. It has migrated nine Australian clients onto the platform since May 2020.
"Given the strong strategic agenda we have set for our business in Australia, we saw significant opportunity by leveraging our existing partnership with J.P. Morgan to onboard 26 additional funds," Franklin Templeton managing director, Australia and New Zealand Matthew Harrison said.
"J.P. Morgan's robust global platform, connectivity and strategic vision, meant it was best placed to support our continued growth in this market."
J.P. Morgan is the largest overall provider of custodial services in Australia, recording over $973.2 billion in assets under custody as at the end of 2020.