JP Morgan’s Worldwide Securities Services division, a division of JP Morgan Chase Bank, has acquired Austalia-based ANZ’s Custodian Services business. The transaction includes access to more than 100 clients and AUD99 billion in assets under custody.
Jane Perry, CEO of JP Morgan Worldwide Securities Services in Australia and New Zealand, said: “This acquisition cements our position as one of the leading custodians in Australia and New Zealand. Building on what is already a strong base, JP Morgan will be the only firm in the local market that can offer the full range of custody services, including global, local, sub-custody and fund administration services to domestic and international institutions and fund managers.”
In addition, JP Morgan will offer employment to staff currently supporting ANZ’s custody business. As a result of this acquisition, JP Morgan Worldwide Securities Services is likely to strengthen its operations in Sydney with a significant trans-Tasman presence in both Melbourne and Wellington, expanding its client coverage in the Australasian financial centres.
Laurence Bailey, CEO of JP Morgan Worldwide Securities Services Asia Pacific, said: “A greater footprint in this region allows us to further connect with the very astute and innovative Australian and New Zealand financial services sector, and share our global insights and knowledge with the fourth largest managed funds market in the world.
“We will support the continued growth of this business with ongoing investment. Already our investment in global Worldwide Securities Services technology infrastructure exceeds $500m annually.”
However, the transaction does not include ANZ’s Securities Lending operations. Financial terms of the transaction were not disclosed.
