J.P. Morgan Worldwide Security Services (WSS) will provide custodial and fund administration services to 10 funds for Mosaic Portfolio Advisers (MPA) Limited after winning the tender process.
WSS will also provide performance reporting and mandate compliance for the 10 funds it won and the four funds it already manages for MPA, a subsidiary of SFG Australia.
The tender process was part of finalising the merger between Shadforth Financial Group and Snowball Group, now married under the SFG brand.
WWS head of relationship management, investment managers, David Brown said MPA was looking for a provider that could consolidate services and take on additional funds quickly.
J.P. Morgan launched its Online Portfolio Analytics Lab (OPAL) in Australia at the end of last month, which Brown said played a pivotal role in winning the mandate – as well as the breadth of its offering.
"Our end-to-end investment administration solution demonstrates our strong presence and core competencies, and continues to build on our growing investment management segment," he said.
J.P. Morgan announced a $30 million technology investment program aimed at improving product capabilities and recognising the changing dynamics of the industry, including regulatory change and consolidation.
"SFG was seeking a partner who could service our ongoing growth, rapid changes in the industry and regulatory environment, and also help us to continually improve our services to our clients," SFG chief financial officer and company secretary, Linda Fox said.
