J.P. Morgan Treasury & Securities Services has completed a migration of direct and master custody clients from ANZ Custodian Services less than a year after its acquisition, the firm announced.
More than 150 ANZ Custodian Services staff in Melbourne and Wellington joined J.P. Morgan, which had its assets under custody boosted by a fifth.
J.P. Morgan also recently announced the expansion of its direct custody and clearing capabilities globally.
Jane Perry, chief executive of J.P. Morgan Treasury & Securities Services, Australia and New Zealand, said that custody continued to move towards a scale-driven business model.
“A direct custody service enables us to meet the needs of clients with cross-border investments in Australia and New Zealand, and to add new clients seeking local custody and clearing services and grow these relationships globally,” she said.
The provision of direct custody in Australia and New Zealand is part of the Asia Pacific growth plan for the Treasury and Securities Services business, according to J.P. Morgan.
The firm has expanded its local on-the-ground presence, enhanced its products range and increased its client servicing capabilities year-to-date, and hired an additional 500 financial professionals in Asia Pacific.
