J.P. Morgan wins Mosaic funds
J.P. Morgan Worldwide Security Services (WSS) has been awarded the mandate to provide custodial and fund administration services to 10 funds for Mosaic Portfolio Advisers (MPA) Limited.
WSS will provide performance reporting and mandate compliance for the 10 funds it won by tender, and the four funds it already manages for MPA, a subsidiary of SFG Australia.
The tender process was part of finalising the merger between Shadforth Financial Group and Snowball Group, now married under the SFG brand.
WWS head of relationship management, investment managers, David Brown said MPA was looking for a provider that could consolidate services and take on additional funds quickly.
J.P. Morgan launched its Online Portfolio Analytics Lab (OPAL) in Australia at the end of last month, which Brown said played a pivotal role in it winning the mandate - as did the breadth of its offering.
"Our end-to-end investment administration solution demonstrates our strong presence and core competencies, and continues to build on our growing investment management segment," he said.
J.P. Morgan announced a $30 million technology investment program earlier this year aimed at improving product capabilities and recognising the changing dynamics of the industry, including regulatory change and consolidation.
"SFG was seeking a partner who could service our ongoing growth, rapid changes in the industry and regulatory environment, and also help us to continually improve our services to our clients," SFG chief financial officer and company secretary Linda Fox said.
AUTHOR
Staff Writer
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
