J.P. Morgan wins custody mandate

A global investment manager has extended its custody and funds administration relationship with J.P. Morgan with a new mandate.

Neuberger Berman used J.P. Morgan as custodian when it launched its $413 million high-yield fixed income listed investment trust last year.

It is now expanding the relationship to appoint J.P. Morgan to provide custodian and fund administration services to its $2 billion of Australian assets in its unlisted trusts.

Neuberger Berman head of intermediary distribution Matt Thompson said: "Our recent announcement to offer new units in the NB Global Corporate Income Trust, along with our plans to launch several managed funds, demonstrates our commitment to the Australian marketplace."

"The exceptional support from J.P. Morgan in the listing of NBI has provided us with the confidence and impetus to expand our partnership."

J.P. Morgan has over $798 billion in total assets under custody for Australian investors. It toppled NAB Asset Servicing from the top spot in the first half of 2016, according to Australian Custodial Services Association stats for December half.

J.P. Morgan head of sales and relationship management, securities services, Australia and New Zealand, Bryan Gray said: "J.P. Morgan is uniquely positioned to support global asset managers in the Australian market and we are delighted to expand our partnership with Neuberger Berman."

"J.P. Morgan is a first-class custody and fund administration provider for global asset managers in Australia and we have deep expertise in partnering with asset managers on their listed product launches.

"With the strength of our domestic and offshore service teams and industry leading reporting capabilities, we ensure that our clients consistently meet their reporting obligations."

Australia has $3.58 trillion in total assets under custody. J.P. Morgan has a roughly 22% slice of this pie with custody contracts for the likes of AustralianSuper and HESTA.

Read more: J.P. MorganCustodyNeuberger BermanAustralian Custodial Services AssociationBryan GrayMatt ThompsonNAB Asset ServicingNB Global Corporate Income TrustNBI
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