J.P. Morgan has renewed its contract to provide custody services to the Australian superannuation fund, Local Government Super (LGS).
According to LGS, growth and structural changes to its offerings prompted management to conduct an independent tender process to access the offerings in the market, with J.P. Morgan coming out on top.
The bank has been providing LGS with custody services since 2003 and the new contract will see the mandate continue for a further five years.
Key services include the physical safekeeping of assets, and account and administration services such as unit pricing, compliance and securities lending for LGS’ more than $12 billion in superannuation assets under management.
LGS CEO, Phil Stockwell, commented: “LGS and J.P. Morgan have worked closely together for a number of years to support our strategic objectives across our custody, fund administration and securities lending services.
“Ongoing access to the expertise and capabilities of J.P. Morgan ensures we continue to provide strong outcomes for our members.”
Meanwhile, Nadia Schiavon, head of securities services, Australia and New Zealand, J.P. Morgan, added: “In addition to custodial services, J.P. Morgan will also provide performance reporting to support LGS’ responsible investment strategy, partnering with the fund to ensure the right infrastructure is in place to support complex investment strategies.”
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