J.P. Morgan has been appointed as custodian to provide custody and fund administration services and reporting for CareSuper’s $16 billion fund.
The new custodian appointment marked the end of NAB Asset Servicing’s fund services relationship with CareSuper and a transition will take place in the first half of 2021.
The investment banking firm offers technology, as well as reporting solutions that will assist with the Australian industry superannuation fund’s investment programme and strategic growth plans.
Julie Lander, CEO of CareSuper, explained: “As part of our tender process, we wanted a custodian that could demonstrate how it could align both culturally and with the strategic growth initiatives of our fund.”
Suzanne Branton, chief investment officer of CareSuper, added: “J.P. Morgan’s global scale and data-driven approach to securities services are particularly well placed to support our evolving investment programme.”
“The increasing sophistication of the programme, including its diversification into private assets across international markets, means J.P. Morgan’s capabilities will support our service needs.”
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