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.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
