HESTA extends decades-long partnership with J.P. Morgan

J.P. Morgan will continue to deliver custodial and fund services for the $102 billion super fund for a further five years, extending their partnership to more than 30 years.

The reappointment followed an independent review and will see J.P. Morgan continuing to provide HESTA with custody and fund administration services, including the safekeeping of assets, fund accounting, valuation, tax and regulatory reporting, performance measurement, and middle office services, the super fund said.

The partnership has also supported the expansion of HESTA's in-house investment capability, with the fund now managing nearly 20% of its portfolio internally, it said.

Commenting, HESTA's outgoing chief executive Debby Blakey said the partnership renewal reflected the critical role J.P. Morgan plays in HESTA's operations.

"J.P. Morgan has been a trusted partner of HESTA for nearly three decades and its support has been integral to a significant period of investment growth and transformation for the fund," Blakey said.

"With more than $100 billion in member retirement savings and close to 20% of our investment portfolio managed internally... This longstanding partnership can support us as we strive to continue delivering strong, long-term returns for our members."

Meanwhile, J.P. Morgan head of securities services, ANZ Nadia Schiavon said: "As the superannuation industry evolves, we remain committed to helping HESTA navigate increasing change and complexity.

"We look forward to continuing our enduring partnership and to contributing to HESTA's ongoing success by delivering our global scale, tailored solutions, innovation, and local market expertise."

J.P. Morgan head of securities sales, ANZ Nick Paparo echoed Schiavon's sentiment.

"We value our long-standing relationship with HESTA and have worked closely to support the fund's evolving needs," Paparo said.

"This reappointment reflects the confidence HESTA has placed in us and underscores our leading capabilities and commitment to supporting our superannuation client community.

"We are excited and honoured to partner with HESTA in their next phase of growth."

Notably, according to the Australian Custodial Services Association, J.P. Morgan is the leading custodian in Australia with close to $1.5 trillion assets under custody as at December 2025. It is followed by State Street ($1.08 trillion), Citigroup ($1.06 trillion) and Northern Trust ($995 billion).