Australian fund City Super has awarded the mandate for custody and administration services to its AUS1.5 billion corporate super fund to J.P. Morgan.
The award follows the announcement that the fund will merge with the Local Government Super fund later this year, a fund that is already using J.P. Morgan.
"We could show real world examples of our discipline in this area. With industry consolidation expected to continue, J.P. Morgan's fund merger experience will continue to position us as a leading service provider," said Bryan Gray, head of treasury and securities services sales and client management at the J.P. Morgan.
"Although custody and administration is increasingly becoming a scale-driven business, clients are continually seeking tailored solutions. As a provider, we are constantly looking for ways to meet these needs and believe this was a determining factor in winning the mandate."
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