LGIAsuper has renewed its partnership with JP Morgan, providing a major mandate for the custodian that should cement its position as the Australian custody market’s leading provider.
Under the agreement, JP Morgan would be the full-service custodian for the Queensland super fund and its $11 billion assets under management for the next three years.
Both businesses highlighted the importance of their relationship as LGIAsuper continues its journey from being the default fund for Queensland local government employees to a public offer fund.
“JP Morgan has been a trusted partner throughout our transformation to a leading public offer fund. We are confident JP Morgan is best positioned to support us as we continue to focus on helping our members achieve a financially secure retirement,” LGIAsuper chief executive, David Todd, said.
JP Morgan head of sales and client management, investor services, Bryan Gray, said that JP Morgan would continue to ensure that its product capabilities align with LGIAsuper’s operating model during the fund’s current period of growth and transformation.
Gray also said that JP Morgan’s data capabilities would benefit LGIAsuper, as funds face increased pressure to collate and analyse data from multiple sources and to deliver tailored investment products.
“JP Morgan’s understanding of data needs and insights into technology ensures we are able to support LGIAsuper as it finalises the implementation of class-leading integrated digital infrastructure.
